Westpac Research notes:The 10 year US treasury note closed 1bp lower at 2.12% but had probed as low as 2.09% in yield before a late move. The 2yr T-note yield slipped from 0.63% to 0.605%. A newswire Fed source story claimed a rate hike was still possible “mid-year” if the rest of Q2 economic data looks more promising. But pricing for a Fed hike even by Dec has faded to 80%.
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