he read: twist steepener into broad risk-off. Front bid on the cut/risk reflex (2Y −2.6 to 4.11, 5Y −1.6 to 4.16), belly the pivot, long end offered (30Y +1.4 to 4.88, 20Y +1.6). 2s30s +4bp to 77. The tell is credit didn't flinch — IG 75 / HY 276, flat — so it's a rates-structure move, not a flight-to-quality scare. WTI −23% on the month yet CPI still 4.2% = sticky, non-energy inflation, and the long end knows it has no anchor to lean on. The Warsh regime, printing the same session again.
The Long End Stays Naked — Friday brief, one chart, anchor + companion.
Risk-off everywhere, and the 30-year still won't bid. A twist steepener that says the long end is on its own now.
Jun 26, 2026
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1 min read