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BofA: Rate Rally On Fed Pivot May Still Have Room To Go

US TSYS

Bank of America note that “the Treasury market has rallied substantially after the last hike in each of the 5 hiking cycles back to the 1988.”

  • “In this cycle, while the 10y rate has rallied ~90bp from its ~5% October peak, 10y rates are still above the level of the last hike (using July 26 ‘23 when 10y was 3.87%).”
  • “In the last 5 cycles, the decline in 10y rates between the last hike and the first cut (now priced for the May 2024 FOMC meeting) has ranged between 72bp and 163bp, with an average of 107bp.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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