U.S. Treasury yields rose during the month of July, closing the month at 4.36%. The yield curve bear flattened in reaction to firm economic data, lower rate cut expectations, and higher than expected borrowing estimates. Retail, services, and industrial data pointed to a resilient U.S. consumer while labor market indicators suggested an ongoing “low hire, low fire” environment. Inflation data was in-line with market expectations but remains above the Fed’s target.

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