Macro - Weekly Briefings - US
The Treasury curve bull steepened this week. A better than 20bp decline in the 3-year note yield as of early Friday afternoon led front-end through intermediate sector coupon yields significantly lower as traders pared Fed rate hike bets (details in Rates Outlook section below). Bond yields were little changed amid the steepening flows and as US equity index futures rebounded following the recent descent into bear-market territory. The S&P 500 Index was 6% higher on the week as of early Friday afternoon, and the Nasdaq was 8% higher. The dollar was slightly weaker but traded without significant direction over the course of the week.
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