24 Aug – 28 Aug 2015


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The yield curve was sharply steeper as 10y bonds moved up 15bps and 3y bonds were only up 1bps. The 3y / 10y bondspread widened to 94bps, up from 80bps. The trend for this calendar year has been for a steepening of the yield curve with the flattening seen in the last two months possibly just a short term phenomenon. The recent highs in the 3y / 10y spread were in the first week of July at 104bps.