ROBIN BROOKSem fx
A Warning from Markets to the US Treasury
EUR/USD — All Desk Targets
30 desks
| Firm | Stance | YE 2026 |
|---|---|---|
UOB | Bullish | 1.1800 |
ING | Neutral | 1.1700 |
Rabobank | Bullish | 1.1800 |
From the original
Markets take a very dim view of any efforts to artificially hold down long-term yields
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The US Treasury's recent move to double buybacks of longer-dated bonds signals a clear attempt to control the upward pressure on long-term yields. Per the full note from ing-think, this could reflect discomfort with the recent sell-off in 10-30 year securities, with yields already down 5-10 basis points following the announcement. Maintaining liquidity in this segment is vital for the Treasury, particularly as these measures may need to be repeated frequently if market conditions warrant. Current consensus targets are mixed, suggesting a cautious approach from institutional traders.
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