Interest rate analyst Ira Jersey stated, "The weaker-than-expected June nonfarm payroll report, especially the downward revision of the previous figure, triggered a bullish steepening of the US Treasury yield curve, which we see as reasonable because it implies a reduced likelihood of a rate hike in the near term. The TIPS curve should also show a bullish steepening, as real yields will adjust to market expectations of a recent slowdown in economic growth."
