The US 5/30-year Treasury yield spread rebounded after touching 60.5 basis points, indicating a possible pause in curve flattening.

⑴ The yield spread between US 5-year and 30-year Treasury bonds last week briefly declined to a new low of 60.5 basis points before experiencing a moderate rebound. This level marks the flattest position since April 2025. ⑵ From a technical perspective, support has formed near 60.5 basis points, with the next key support at 57 basis points—this corresponds to the 61.8% Fibonacci retracement of the move from the November 2024 low to the September 2025 high. The medium-term flattening trend has not yet seen a clear reversal. ⑶ The daily candlestick chart shows an inside bar and a hammer pattern, indicating a possibility of a short-term rebound in the spread. The upper resistance is at the previous breakdown level of 70 basis points, with the subsequent trend resistance at 76 basis points. ⑷ The 5-year yield has risen to 4.285%, approaching trend resistance at 4.30% and the previous high of 4.35%, while support lies in the 4.12%-4.14% area. ⑸ The 30-year yield once declined to 4.91%, the lowest level since hitting 4.835% on April 8. The upper resistance is at the 4.99% trendline and recent highs.