Macro - Weekly Briefings - US
The long-end of the curve led Treasury yields higher this week as curve flattening trades were unwound. Bond yields were more than 15bp higher as of early Friday afternoon, which was the largest rise since May 6. Stocks were lower, partially in response to the higher yields. And the dollar was higher. While the euro was little changed after spending the week chopping around on either side of parity, the yen selloff continued as it broke above 140 for the first time since 1998, and the pound fell to 115, testing the March 2020 low, which was the weakest since 1985.
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