Interest rate strategists at ING Groep NV noted in a report that the US Treasury yield curve remains excessively flat. According to Tradeweb data, the yield spread between 2-year and 10-year Treasury notes currently stands at around 50 basis points. The strategists suggested that improved risk appetite should drive some steepening of the yield curve, led by the long end, until data indicates otherwise.

During Asian trading hours, the 2-year US Treasury yield fell 1.4 basis points to 3.585%, while the 10-year yield declined 1.8 basis points to 4.088%, as per Tradeweb figures.