Summary: ACGB curve flatter; US Treasury curve generally more negative.
The gradient of the ACGB yield curve became flatter as yields rose. By the end of the week, the 3-year/10-year spread had narrowed by 13bps to 22bps* while the 3/20 year spread had shed 15bps to 48bps*.
* December futures
The various measures of the gradient of the US Treasury curve generally became more negative. The 2-year/10-year spread shed 16bp to -41bps over the week while the 2 year/30 year spread lost 23bps to -34bps. However, , the 3-month/10-year Treasury spread, finished 4bps wider at +31bps.
To find out more about the yield curve and its usefulness, click here or here.