Summary:
- US 10-year yields have held within a range despite challenges.
- HSBC's Major Stephen suggests a potential turning point with projections of lower yields.
- Central banks and market dynamics create tension in yield trajectory.
- Anticipation of recession contributes to the expectation of notably lower yields.
Despite various challenges and market shifts, US 10-year yields have remained contained within a range while the policy rate has increased by over 2%. HSBC's Major Stephen discusses the potential breakthrough and the direction of yields in the coming months.
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As the market navigates various influences and uncertainties, the direction of US 10-year yields remains a focal point, with the anticipation of a significant decline in the near future.