TREASURIES-US yields retreat as markets keep bets on end of Fed hikes, ahead of auction

The slide in yields on the long end of the curve was much sharper than those on the short end in what is called a "bull flattener", a scenario which normally precedes a cut in interest rates by the Fed. A bull flattener typically happens when the market pares back inflation expectations. "People now expect that we have seen the last of the Fed hikes here," said Stan Shipley, managing director and macro research analyst at Evercore ISI in New York.