Goldman Sachs
June 12, 2026
Global Rates Trader
Weekly UpdateRates Govt BondsRates CreditCommoditiesEnergyFinancials
This report analyzes global interest rate trends amid shifting oil market dynamics and central bank leadership changes. Analysts recommend specific positioning in US, UK, and European yield curves based on inflation outlooks.
Key Takeaways
- 1.Longer-dated oil prices remain critical for durable disinflation; we favor steepening biases in US curves given current FOMC positioning.
- 2.EUR 1y1y/2y2y rates risks are skewed to the downside; we recommend long 5y5y real rates.
- 3.UK rates show high sensitivity to oil; we expect front-end relief following BoE meeting.
Table of Contents
- GLOBAL RATES TRADER
- United States and Canada
- Europe
- Japan
- Australia and New Zealand
- Forecasts
- Central Bank Dashboard
- Positioning and Flows Monitor
- Carry/Rolldown Monitor
- Treasury Supply Monitor
- GS Term Premium Decomposition
- 2026 Trade Recommendations
- Global Interest Rates Strategy
- Disclosure Appendix
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Authors
George ColeWilliam MarshallSimon FreycenetIsabella RosenbergFriedrich SchaperLoic Mathys
Securities
US 10y TreasuryUK Gilt
Themes
Inflation persistenceOil price sensitivityCentral Bank Communication
Regions
North AmericaEuropeAsia PacificUnited StatesCanadaUK