Rates Spark: Long End Pressured With Dutch Pension Reform On Course

2025-05-21 03:10:00 ET

Summary

• Without much data, the US fiscal story provides for a bearish bias as 10-year Treasury yields probe above 4.5% again.
• The 20y bond sale might garner more attention than usual in this context.
• EUR rates reacted with a steepening of the ultra-long curve as the Dutch parliament voted against an amendment that could have derailed the pension reform.

By Benjamin Schroeder & Michiel Tukker

Amid limited data to work with, the market discussion can remain centred on the US fiscal trajectory for now. The Moody’s downgrade was a good occasion alongside the tax bill making its way through the House....

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