United States rates weekly review

Barclays notes:

At the June FOMC meeting, the updated projections showed that the "core" of the FOMC has likely pushed out the desired start date of the hiking cycle. The Fed also lowered the path of the hiking cycle, despite no material change in the medium-term economic outlook, suggesting a dovish shift in the reaction function. We believe the front end still has room to outperform. We maintain our recommendations of buying 3m2y 1x2 receiver spreads, to be long 10y US Treasuries and receiving 5y Eonia.