Published On: May 23rd, 2025Categories: Trade Ideas
We have previously written about the risks linked to the neutral rate, the return of term premium, US recession and inflation uncertainty, and the growing political pressure on the Fed’s independence. This note is a continuation of that line of analysis, turning our focus to the rising stress in the long end of the US and Japanese bond markets. We explain why duration risk is no longer theoretical-and why long-dated sovereigns can no longer be considered entirely risk-free.
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