- US 2Y: ~4.00%
• US 10Y: ~4.28%
• German Bund (10Y): ~2.55%
Key Takeaways
- Yields have modestly retraced
• No clear repricing toward aggressive rate cuts
➡️ The market continues to price a “higher-for-longer” regime
Implication:
Duration risk remains asymmetric to the upside in yields