UBS: Maintain Caution on U.S. Treasury Bonds, Expect German Bonds to Perform Better
According to Golden Ten Data on April 9, UBS rate strategists stated that the bank remains cautious about US interest rate risk exposure and expects German Bunds to perform better. The strategists noted that UBS anticipates the 10-year US Treasury yield will test new highs in 2026, and then fall back below the current spot level in 2027. The 10-year US Treasury yield is expected to test at least 4.50%. UBS is long German Bunds, with a target yield of 2.75% for the 10-year Bund and a stop loss at 3.15%. It is expected that this year, the yield spread between the 10-year US Treasury and German Bund will further widen.
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