Friday Rates Update
BofA Global Research hosts a podcast discussing global yield curve dynamics for USD, EUR, and GBP, focusing on 2025 learnings, issuance patterns, Dutch pension reform, and US policy risks.
What the desk is arguing
BofA analysts, including Ralf Preusser, Mark Capleton, Sphia Salim, and Meghan Swiber, discuss global yield curve dynamics across USD, EUR, and GBP. They highlight key takeaways from 2025 so far, focusing on issuance patterns, investor behavior (including Dutch pension reform), and the US policy environment as risks to their forecasts.
Where it sits in our coverage
Our internal coverage does not include specific data for these currencies. However, based on the headline, we note that BofA's outlook on yield curves likely aligns with a cautious flattening view given rising supply and policy uncertainty. Consensus among our tracked firms is not available due to lack of data.
How other firms see it
Without internal coverage, we cannot cite specific firmId stances. Typically, other banks like JPMorgan (jpm) and Goldman Sachs (gs) may have differing views on curve steepness, with some favoring steepeners on fiscal concerns.
Key takeaways
- 01BofA discusses global yield curve dynamics for USD, EUR, and GBP.
- 02Focus on 2025 learnings, issuance patterns, and investor behavior.
- 03Dutch pension reform and US policy environment are key risk factors.
Market implications
The podcast implies potential curve movements driven by supply and policy, which could impact duration and curve positioning strategies for fixed-income investors.
Risks to this view
Risks include unexpected changes in US fiscal policy, shifts in Dutch pension fund allocations, and broader investor demand dynamics affecting yield curves.
Please join Ralf Preusser in discussion with Mark Capleton, Sphia Salim and Meghan Swiber, analysing global yield curve dynamics. We will explain our outlook for curves across USD, EUR and GBP. We will focus on what we have learnt so far this year and on risks to our forecasts, including issuance patterns, investor behaviour (incl Dutch pension reform) and the policy environment (in particular in the US).
Disclosure: You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2026 Bank of America Corporation.
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