Big moves in yields, especially at the front. While twos are making a move on their own, it’s the very front at the first-in-line bills that draws our attention. Steepening has been given a boost by some ugly recent data from right where it counts – incomes and spending.
June Chicago PMI down to 40.4 vs. 42.9 est. & 40.5 prior … new orders fell at slower pace (in contraction); employment fell at faster pace (in contraction); production fell at faster pace (in contraction) pic.twitter.com/CRPB024wHi
— Liz Ann Sonders (@LizAnnSonders) June 30, 2025