Central Banks Push Back on Rate Cuts

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Central banks push back on rate cut expectations, leading to a surge in U.S. Treasury yields. The benchmark 10-year yields rose to 4.064%, the highest in over a week, while the 30-year yields reached their highest in over a month. The two-year yields also increased, with the curve between two and 10-year yields steepening, a sign of an upcoming recession.

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