Citi: Maintaining the view that the US debt curve is steepening
2025-09-08 07:08:30
Citi research strategists said in a note that their core view of Treasuries remained unchanged after Friday's weaker-than-expected US non-farm payrolls data. They expect the yield curve on the 5- and 30-year Treasury to steepen further, while the Federal Reserve implements lower interest rates in 2026 and 2027. They noted that the risk of a steepening of the 5/30-year yield curve is that if the 30-year yield rises above 5% in a massive sell-off, it could attract demand back. Strategists believe that the market still underestimates the risk of a sharp steepening of the 5/30 yield driven by the 5-year Treasury. (Jin Ten)
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