Daily Market Color June 21, 2022Curve Steepens After Long Weekend Swap curve steepens in return from long weekend. Swap spread rose on the day today, perhaps as a result of corporate hedging ahead of what would appear to be a building issuance calendar. Both the swap curve and Treasury yield curve would steepen on the day, the 10-year Treasury yield climbing to 3.28%. Equities bounce back after rough week. Stocks ended the day broadly higher across a range of indices, showing some resilience after the worst weekly decline in years. The S&P 500 rose 2.4% on the day in light volumes, while the tech-heavy Nasdaq rose 2.5%. The move wasn’t isolated to U.S. equities, stocks in Europe and China also rose on the day, the MSCI All-World Index climbing 2.20%. Day ahead. Tomorrow will be a busy one for Fed officials as we get a wave of speakers coming out of last week’s FOMC meeting. Fed Chair Jerome Powell will testify before Congress at 9:30 AM, Evans Harker and Barkin will also speak during the day. Elsewhere the economic calendar will by light, though the Treasury will auction of 20-year bonds tomorrow- an auction that has given the market fits over the past year.