(Refiles to add deleted words in paragraphs 2, 3) By Herbert Lash NEW YORK, July 26 (Reuters) – U.S. Treasury yields fell sharply on Tuesday, dragged down by a flight to safety from overseas following recent gas supply cuts from Russia and growing concerns about a US economic slowdown after Walmart’s profit warning. The spread between two- and ten-year Treasury yields, a possible signal of an impending recession when the short-term yield is higher than the long-term yield, has been reversing for more than two weeks and falling last down -26.7 basis points. The two-year yield fell 4.7 basis points to 2.988%, less than the decline in 10-year bonds, which fell 9.7 basis points to 2.723%. “As the negative news out of Europe took place, the euro fell and the yen fell, while the dollar rose again,” said Steven Ricchiuto, chief US economist at Mizuho Securities USA LLC. “U.S. macro conditions, global macro conditions, could lead to an environment in which outsiders may seek to seize to yield in Treasury space,” he said. “If you are a global investor, where are you going to put your money? » Bond yields were lower across the US yield curve, following the earlier movement of their European counterparts. Russia tightened its gas tightening on Monday. Gazprom said supplies through the Nord Stream 1 gas pipeline to Germany would fall to just 20% of capacity. The supply crisis and calls for energy rationing are expected to tip the euro currency bloc into recession, while keeping inflation high. The 30-year Treasury bond yield fell 8.6 basis points to 2.965%. The five-year US Treasury Inflation-Protected Securities (TIPS) break-even rate was last at 2.61%. July 26 Tuesday 09:24 New York / 1324 GMT Price Current Net Yield % Change (bps) Three-month bills 2.485 2.5356 -0.025 Six-month bills 2.885 2.9685 -0.021 Two-year bills 100-7/256 2, 9858 -0.049 Three 10-year bond 100-58/256 2.9195 -0.063 5-year bond 102 2.8121 -0.088 7-year bond 102-208/256 2.8003 -0.095 10-year bond 101-76/ 256 2.7231 -0.097 20-year bond 100-156 /256 3.208 -0.086 30-year bond 98-60/256 2.9645 -0.086 DOLLAR SWAP SPREADS Last (bps) Net change (bps) US dollar swap 2 years 22, 50 0.00 US dollar spread 3 years swap 7.25 -0.75 US spread 5 -0.25 0.25 US dollar spread 10 years swap 7.00 -0.25 US dollar spread 30 years swap -24.75 0.75 spread (Report by Samuel Indyk, edited by Dhara Ranasinghe and Mark Heinrich)


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