U.S. Treasury yields reached YTD highs on Tuesday session before paring the upside. The front-end gave back all losses and yields finished the session 1.4bps lower at 4.691%
The curve is led by the long-end in 2024, looking at the moves from a statistical perspective, the 10-year yield is 20bps above its YTD average and this represents a 1.7 standard deviation from the mean (largest sigma in the curve)
From a technical point of view, no tenor has reached >70 RSI levels, meaning that rates have not reached oversold conditions YTD
Looking at curve spreads, most of the change has taken place in 5s30s. Here, the 2024 flattening remains marginal, and the curve is holding steep at 15.6bps
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