10/2 Yield Spread, Live

With the June Jobs release behind us, the 10/2 yield spread/curve (CNBC) is left to do its part in indicating the future. It maintains its steepening potential, but is on a hard pullback, which favors Goldilocks in the micro-term and dis-favors gold in that same micro-term.

But just as gold is as yet only indicated to be on a pullback, so too is the curve. I had thought it might hold the June low, but that scenario is cooked. Next up is the May low and if that does not hold there is going to need to be some macro-revisionism around here.

yield curve

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