Summary

• The 10yr yield is up, back to the 4.45% area. The rise in the 10yr yield came from a bigger pop in the real yield versus the fall in breakeven inflation.
• Long-dated yields are liable to remain sticky to the upside.
• In the UK, we think markets are too hawkish on the Bank of England, but we won't be turning bullish yet given inflation risks and political uncertainty.

By Padhraic Garvey, CFA, Regional Head of Research, Americas and Michiel Tukker, Senior UK & Eurozone Rates Strategist

The Treasury curve shifts higher and flatter, but the curve structure remains benign

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