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USD/JPY quickly fell 50 pips to the lows of the day, just below 135.00. This puts the pair back where it was at the start of the week.

The catalyst is the supply on Treasury bills. US 2-year yields are down 7.5 basis points to 2.98%. They reached 3.43% last week, but have steadily fallen.

Further down the curve, it’s a similar story with 10-year yields down 5.2 basis points and close to the session low of 3.10%.

Why are yields lower? Here’s what BMO’s rate strategists have to say:

Recession angst lingers in the wake of Powell’s comments and price action is encouraging for those

in the bond bull market. While the peak inflation hypothesis may be on shaky ground, the peak rate narrative has gained momentum, with 3.50% in 10 looking increasingly like the upper limit.

Yesterday, Powell highlighted emerging downside risks to growth. He speaks again today from 10 a.m. ET on his second day of testimony from Humphrey Hawkins.


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