Macro and Government Bond Commentary: Yields reverse early downside, liquidity deficit widens ahead of GST outflows; treasury yields continue lower… • The 10Y benchmark (6.79 GS 2034) opened mildly lower with a sharp fall in treasury yields overnight (on reports that the US administration would not impose any retaliatory tariffs with an immediate effect). Moves lower in yields did not last for long despite auction results coming along expected lines. The 10Y point closed steady at 6.71%.
