USTs – 20-Day Outlook Favors Flattening

U.S. Treasuries sold off sharply (10y 2.836 +5.5 bps) Thursday as risk markets surged higher. Markets brushed aside geopolitical risks and trade concerns for at least a moment.

All maturities are near fair values. 5-day outlooks lean bullish across the curve. The outlook for April is bearish for the short-end and bullish for the long-end (flattening-friendly).

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