Summary: ACGB curve steeper; US Treasury curve generally less negative.
The gradient of the ACGB yield curve became steeper as yields fell. By the end of the week, the 3-year/10-year spread had widened by 6bps to 40bps while the 3/20 year spread gained 8bps to 70bps.
The various measures of the gradient of the US Treasury curve generally became less negative. The 2-year/10-year spread added 1bp to -19bps over the week while the 2 year/30 year spread added 2bps to -3bps. However, , the 3-month/10-year Treasury spread, finished 4bps tighter at +26bps.
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