Yields surge as market shrugs off manufacturing slump - United States - English

Written by Steven Dooley, Head of Market Insights, and Shier Lee Lim, Lead FX and Macro Strategist USTs resume bear steepening USTs faced a sharp bear-steepening continuation, with both breakevens and real rates contributing to the sell-off. Disappointing US manufacturing data was largely ignored, though some US growth selling was observed. This limited S&P 500’s gains relative to Nasdaq Composite’s. AUD expected to remain supported, especially if RBA Minutes confirm hawkish risks for the August meeting. Key events: Korea CPI …