Global Rates Trader: Relaxed Not Relieved

Global rates markets have stabilized following a period of yield range-breaks, with European rates outperforming while US yields remain near the top of their range.

Key Takeaways

• 1.US Treasury yields have stabilized after a sharp selloff, but a lack of macro catalysts prevents a deeper rally as valuations are not yet sufficiently stretched.
• 2.European rates are outperforming global peers, and Goldman Sachs continues to recommend long 5y5y EUR real rates as duration remains protected by central bank action.
• 3.There is a growing valuation case for long Gilts in the UK due to weakening activity data, despite lingering political risks.

Table of Contents

• United States and Canada
• Europe
• Japan
• Australia and New Zealand
• Latest Thematic Research
• Latest Global Markets Dailies
• 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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