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Source: Bloomberg <br />Over the past three months the yield curve flattened. The spread between 2-year and 10-year Treasury yields narrowed to 92 basis <br />points as of June 30,compared to 114 basis points on March 31.In the three months ending in June, the 2-year Treasury yield <br />increased nearly 13 basis points while the 10-year Treasury yield decreased eight basis points. Immediately following the US <br />Presidential election last fall, the Treasury yield curve steepened meaningfully, driven by heightened expectations for fiscal stimulus and <br />economic growth under the Trump administration. However,as the post-election exuberance started to wane earlier this year, the yield <br />curve flattened. Since the election, the 2-year Treasury yield is up about 60 basis points and the 10-year Treasury yield is up about 50 <br />basis points. <br />Bond Yields <br />Source: Bloomberg <br />0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />US Treasury Note Yields <br />2-Year <br />5-Year <br />10-Year <br />Yield (%)0.0% <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />US Treasury Yield Curve <br />Jun-17 <br />Mar-17 <br />Jun-16 <br />Yield (%)11220