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仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Close up of engineer inspecting low pressure turbine during inspection in turbine maintenance factory

Perspectives

US Treasury yields re-price higher on improving economy

Author

By Bruce Harris, Global Head of Fixed Income Strategy

March 3, 2021Posted InFixed Income

  • As discussed in our recent communications (CIO Strategy Bulletin: Beware the Cash Thief and Fixed Income Strategy Bulletin: Bond Investors Confront Inflation Risk With Valuations Still High), US Treasury (UST) rates were expected to continue weakening throughout 2021 as the likelihood of a fiscal mega-stimulus being deployed increases and the economy re-opens.  Yesterday however, US Treasuries yields violently re-priced higher across the curve into our expected 2021 range, with the closely watched 10y Treasury jumping almost ~25bps intra-day to a high of 1.55% before settling back to around 1.50%. Bond volatility also spiked to the highest levels since last March, as rates are catching up to this strong growth reality.  
  • The more extreme move in Treasury yields however occurred at the shorter end of the curve around the 5y point, which experienced a ~20bps move higher. This move was in part likely a response to the futures markets moving the start date of the Fed rate hikes forward, combined with a very poor 7yr UST bond auction result.
Download: Fixed Income Strategy Bulletin