Global Rates Markets_ Summary of views

FICC Research Interest Rates 13 February 2025 Global Rates Markets Summary of views A summary of our views on duration, curve, swap spreads, inflation and volatility across the US, Europe, and Japan. United States Duration Curve • We maintain our 2yf2s10s curve-steepener recommendation, as the forward curve remains quite flat. While the uncertainty about the neutral rate poses a challenge in pinning down rate levels, the curve should be more upward sloping in the forward space. Swap spreads Inflation • TIIA ...