Rates Spark: Difficult To Break Out Of Current Trading Ranges

2025-05-30 04:00:00 ET

Summary

• Rates markets need a significant shift in data to break away from the current trading ranges.
• Trump's tariff threats add to the volatility but are so far considered noise.
• A deterioration in the US data could be a potential trigger for euro rates to make a move lower.
• Meanwhile, Dutch pension funds get more time to rebalance hedges around transition dates.

By Michiel Tukker

Range-bound trading to remain until the data points in a clear direction

Completing the tariff uncertainty, the US administration has faced a ruling that voided all tariff orders based on “national emergencies” using the International Emergency Economic Powers Act (IEEPA). An appeals court has now paused that ruling, and the US is also seen as having other avenues to pursue its tariff policy, albeit maybe slower and less sweeping....

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