FOMC Minutes in Focus as European Yield Curves Flatten

Today’s economic highlights include the minutes from the July FOMC meeting.

In Europe, yesterday’s bear steepening shifted into bear flattening. Daily moves on the German yield curve ranged from +2.4 bps at the 30-year point to +5 bps at the 2-year point. EU swap rates added +0.9 bps at the 30-year tenor and +4.5 bps at the 2-year tenor.

The post also points to the US-Iran stalemate and higher energy prices as an early factor in the session, although the update was truncated.