Rates Spark: Domestic Drivers More Important Than U.S. Spillovers
Source: SeekingAlpha
2026-02-12 05:47:00 ET
By Michiel Tukker, Senior European Rates Strategist
GBP and EUR rates doing their own thing despite big UST moves
US payrolls pushed US Treasury yields significantly higher, but the spillovers to EUR and GBP rates were remarkably muted. Gilt and Bund yields rose initially on the data release but were also quick to retrace that increase and actually ended the day lower than the open. We have observed the correlation between USD rates and other markets decline since the presidential elections in 2024, but rarely do we see days when rates move in opposite directions....
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Rates Spark: Domestic Drivers More Important Than U.S. Spillovers
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