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Treasury curve after the latest CPI print

Front-end yields firmed; the 2s10s remains inverted. Duration in a brokerage book should be an explicit choice, not a default.

Market Strategy · Weekly · Delayed commentary

The front end of the curve reacted more than the long end. That is the usual pattern when the print is about inflation stickiness rather than growth.

An inverted 2s10s does not by itself argue for a long-duration overlay. It argues for knowing whether the book is expressing a rates view or simply holding whatever the last ticket left behind.

Treasuries remain $0.00 online in the published schedule. Dealer inventory on corporates is a different page.

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