Treasury yield curve flattening accelerates as one spread briefly inverts
Treasurys were under pressure Monday, pushing up yields, after a brutal selloff last week. Yields on 5- and 3-year Treasury notes traded above the rate on the 10-year Treasury.
An inversion of the 10-year/2-year spread is seen as a reliable warning sign of future recession. The 10-year yield remains above the 2-year yield for now.The 2022 selloff in Treasurys accelerated last week, sharply pushing up yields, which move the opposite direction of price. Government bonds this year on pace to produce their worst returns since 1949, according to a Friday note from Bank of America, which tracked global bonds weighted by world gross domestic product.
Investors continued to track developments around Russia’s invasion of Ukraine. Ukraine President Volodymyr Zelensky said his country was “ready” to discuss neutral status with Moscow, while Russia offered little hope of an agreement, the New York Times reported. Russia late last week signaled it was shifting its war aims in Ukraine to focus on the eastern portion of the country after its attempt to take the capital Kyiv stalled.
China on Monday began locking down most of Shanghai, the nation’s financial capital and a city of 26 million, as a coronavirus outbreak surged. Oil futures fell sharply in response on expectations the lockdown will undercut Chinese demand for crude.
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