Treasuries held an advance that sent shorter-maturity yields to the lowest levels of the past month despite cool demand for an auction of five-year notes https://t.co/PgJq0XBGG2 ...

Korea Investment & Securities plans to buy unhedged super-long Japanese government bonds for the first time to take advantage of rich yields https://t.co/7oZnaz2sdb ...

Bonds with the longest maturities are disappearing from Japan’s corporate market as surging yields push companies into shorter debt, saving costs for now but leaving them more exposed to refinancing risks https://t.co/fKYOvIlmcK ...

Government Bond Market - Japan's super-long government bond yields rose to multi-decade highs [1] - Concerns persist regarding fiscal expansion [1] - Demand from key investors is fading [1]

Market Trends - Chinese bonds' selloff, pushing them near the bottom of Asian performance, is expected to slow down [1] - Bond yields are rising to levels that some investors might find appealing [1]

Yields on Kenya’s short-term domestic debt securities have room to move lower after halving in the past year as the central bank continues its easing cycle, according to company executives https://t.co/HEccX89Rez ...

Interest Rate Trends & Analysis - The global rates market influences domestic rates, with the German 30-year yield reaching its highest since 2011 [1] - Sideways to higher movement is expected for long-term rates, influenced by debt and deficits across various regions including the UK, EU, Japan, and the US [3] - Technical analysis of 10-year yields suggests a midpoint range of 416 to 420 basis points as a key level [4] - A close below 415 basis points could reverse the case for higher rates [4] Spread Analysis - The 30-year minus 10-year spread is the widest it has been since 2021, indicating potentially higher rates on the long end [5] - The 10-year minus 5-year spread is also at its widest in four years, at 47 basis points [5][6] - Curve steepening is anticipated, with two-year yields potentially decreasing while 10, 20, and 30-year yields remain stable [6] Economic Outlook - The economy is expected to perform better than anticipated, supporting a steeper yield curve and higher long-end rates [9] - Inflation may not be the primary driver of long-end rates [8] - Stagflation is not considered a major concern, with a more positive economic outlook prevailing [8][9]

Bond Market & Treasury Auction Analysis - Treasury's 10-year note auction took place [1] - Yields are dipping potentially due to headlines about the phone call and Fed's Cook being dovish [2] - Auction wasn't terrific [3] Market Trends & Indicators - Two times traded four and a quarter around 11:40 Eastern and 1 Eastern [3] - 30s minus 10 spread (the knob) is a favorite in Chicago [3] - The 30s minus 10 spread is almost triple what it was at the end of last year, rising from 20 to almost 60, implying a steeper curve and stubbornly high long rates [4]

On-Chain Asset Transformation - JPMorgan built a bridge to convert rewards into USDC, transforming their points system into on-chain assets [1] - The largest bank in America is turning its points system into on-chain assets [1] Market Focus - Traders are actively involved in base yields [1] - The market is primarily focused on fee revenue [1] Infrastructure Importance - Infrastructure development is considered a winning strategy [1]

DeFi Infrastructure - Pendle and Zora are building infrastructure for DeFi 2.0 [1] - Infrastructure is more enduring than temporary yields [1] - Liquid lockers preserve voting rights across protocols [1] - Deep integration with Uniswap V4 is planned [1] - Cross-chain infrastructure is already operational [1] Market Perspective - The market is currently focused on chasing yields [1] - The market may be overlooking the importance of infrastructure development [1]