US Treasuries (UST) Market

The focus for global markets this week falls on FOMC meeting minutes which was deemed rather hawkish as Fed members were seen anticipating further gradual rate hikes over the medium term.

Resultantly, UST witnessed kneejerk reaction as the 10-year UST inched to a 3.20% high from the 3.15% level while the 10/2 spread narrowed to 22 basis points (bps) before normalising to 29 bps yesterday.

As at yesterday, the 2-, 5-, and 10-year benchmark UST yields stood at 2.89%, 3.04% and 3.19%, respectively.