Fixed Income

In December 2025, the 10-year U.S. Treasury yield was broadly stable, ending the year at 4.17% within a 3.99%–4.19% range, reflecting contained volatility as markets cautiously reassessed the U.S. monetary policy outlook amid gradually softening macro and labor indicators. U.S. inflation continued to moderate, with headline inflation at 2.74% YoY and core inflation at 2.63% […]

In November, the 10-year U.S. Treasury yield eased to 4.01% from early November peak of 4.16%, reflecting the lagged impact of the late October Federal Reserve rate cut, softer activity and labor indicators, and growing conviction that the policy cycle is near its terminal level. Due to the cancellation of the October CPI report following […]

In October, the 10-year U.S. Treasury yield eased to 4.08% from early October peak of 4.15%, as the prolonged federal government shutdown that began on October 1st dampened investor confidence and weighed on near-term growth expectations. U.S. headline CPI rose to 3.0% YoY in September (vs. 2.9% prior), while core CPI eased to 3.0% YoY, […]

In September, the 10-year U.S. Treasury yield eased to 4.15% from early September peak of 4.26%, as the Federal Open Market Committee (FOMC) lowered the federal funds rate by 25 basis points. U.S. headline CPI rose to 2.9% YoY in August (vs. 2.7% prior), while core CPI remained stable at 3.1% YoY, matching market consensus. […]

In August, the 10-year U.S. Treasury yield eased to 4.23% from a mid-July peak of 4.48%, as FED Chair Powell struck a dovish tone at Jackson Hole, reinforcing expectations of a September rate cut. U.S. headline CPI rose to 2.71% YoY in July (vs. 2.67% prior), while core CPI accelerated to 3.06% YoY, above consensus. […]

In July 2025, the 10-year U.S. Treasury yield rose from 4.24% to 4.37% as markets digested mixed economic data and shifting policy expectations. Yields climbed to 4.48% mid-month after June CPI accelerated to 2.67% YoY—above forecasts—reinforcing concerns about sticky inflation. However, yields eased slightly in the second half of the month as investors reassessed the […]

In June 2025, the 10-year U.S. Treasury yield declined from 4.44% to 4.23% amid heightened geopolitical tensions and shifting market sentiment. Yields briefly peaked at 4.51% on June 6th following strong labor data and persistent fiscal concerns, before safe-haven flows driven by the Iran–Israel conflict pushed yields higher. The FED held rates steady at 4.25%–4.50% […]

In May 2025, the 10-year U.S. Treasury yield rose from 4.22% to 4.60% by May 21, before easing to 4.40% at month-end, driven by concerns over President Trump’s budget proposal projecting a $3.3 trillion debt increase. Persistent services inflation and a tight labor market fueled expectations of prolonged high rates, despite April CPI easing to […]

In April 2025, the 10-year US Treasury yield saw sharp volatility, rising from 4.17% to a peak of 4.5% amid inflation concerns and renewed trade tensions, before easing to 4.16% by month-end. The spike followed President Trump’s tariff announcement on April 2, triggering fears of a global trade war and reduced foreign demand for Treasuries. […]

In March 2025, the 10-year US Treasury yield rose from 4.16% to 4.21%, driven by renewed global trade tensions and rising inflation expectations. US tariffs on Canadian and Mexican goods, followed by Trump’s announcement of broad reciprocal tariffs starting April 9, heightened fears of a trade war. These developments fueled cost-push inflation concerns and delayed […]