Rates: A Jekyll And Hyde Bond Market

2025-05-09 03:50:00 ET

Summary

• It's difficult to forget the recent selling pressure on US Treasuries, which has left lingering risks.
• Since then, there has been a shift back to a more traditional fear of macro weakness.
• This could initially lower yields and drag European yields down with them.
• But correlation could turn negative should US Treasury pressure re-emerge.

By Padhraic Garvey, CFA

Here's why we should be on alert for some spikes higher in Treasury yields – 'Hyde Version'

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