The document is a financial analysis report focusing on the US fixed income market, specifically the Treasury yield curve. It discusses the unusually flat 5s-10s UST curve, which deviates significantly from model predictions based on Fed fund expectations and inflation outlook. The report explores factors contributing to this anomaly, including differences between survey-based and market-based inflation measures and higher term premiums. It suggests that the 5s-10s curve is only 10 bps too flat and recommends buying 5s on the curve.
doj/DataSet10/EFTA01385929.pdf
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