November 23, 2025 09:57 PM GMT 2026 Global Macro Strategy Outlook A Tale of Two Halves with More Than Two Paths We expect the trends that began in 2025 – lower G10 rates and a weaker US dollar – will continue into the first half of 2026. These trends should weaken mid-year and then reverse into the US midterm elections in November 2026. Maintain long government bond positions and stay short USD for now. Key Takeaways Interest Rate Strategy In the US, we expect Treasury yields to trade in a lower range in 20 ...