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Source: Bloomberg Source: Bloomberg <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />US Treasury Note Yields <br />2-Year <br />5-Year <br />10-Year <br />Y <br />i <br />e <br />l <br />d <br /> <br />( <br />% <br />) <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />4.0% <br />4.5% <br />5.0% <br />5.5% <br />US Treasury Yield Curve <br />Jun-26 <br />Mar-26 <br />Jun-25 <br />Y <br />i <br />e <br />l <br />d <br /> <br />( <br />% <br />) <br />Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal. <br />The 2-year yield rose to 4.15% from3.98%at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread <br />narrowed to 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis <br />points at month-end. Relative to the 69 basis point spread at the start of 2026,the curve has flattened materially year to date, reflecting a <br />repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing. <br />BOND YIELDS <br />14 <br />Page 184 of 373