Lovin' Normality, As The Alternatives Are Troubling

2025-12-10 12:19:00 ET

By Padhraic Garvey , CFA, Regional Head of Research, Americas

We never re-hit 5% in 2025, as the deficit was broadly ignored

When we did this exercise a year ago, we thought the 10yr yield would spend a chunk of 2025 peppering the 5% area. It reached 4.8% in mid-January and saw two more peaks at 4.6% during the first half of the year, but in the end, the 10yr yield is practically back down to levels that we saw a year ago....

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