US Treasury (UST) yield curve bull flattened in July, as yields of short-dated USTs rose on Federal Reserve (Fed) Chairperson Janet Yellen’s statement that interest rates are likely to rise later this year while the yields of longer-dated USTs fell on the weakening inflation outlook. The 10-year Treasury eventually ended the month at 2.18%, 17 basis points (bps) lower compared to end June levels.