Banks across the spectrum have been quick to capitalize on the market's revival, creating new swaps as companies debut debt deals, launching new baskets, and hiring top talent.

Cheaper gas helped assuage some of Americans' anxiety, but views of job opportunities deteriorated and consumers expect little improvement in the coming months.

The PCE price index rose 4.1% in May year-over-year, the most since April 2023; excluding food and energy, prices were up 3.4%.

Bonds maturing in 2036 priced at a premium of 1.4 percentage points above Treasuries, higher than the average spread on other similarly rated debt.