Interest‑rate strategist Ira Jersey said June nonfarm payrolls were weaker than
expected and prior months were revised lower, triggering a bull‑steepening of
the U.S. Treasury yield curve. He said the move is consistent with a reduced
near‑term probability of Fed rate hikes. The TIPS curve should also bull‑steepen
as real yields adjust to markets pricing a near‑term slowdown in growth.
