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US Treasury Report
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Dec ' 25 US Treasury Report

Since our last report (29-Oct-25, UST10Yr 3.985%) the US Fed has indeed reduced the Fed Rate by 25bp to 4.0%. Some economic data has started to be released after the federal shutdown ended on 12-Nov. Unemployment (Sep-25) has moved up to 4.4%, the highest since 4.3% in Jul-24. At the same time CPI has also risen to 3.02% for Sep-25, up from 2.33% in Apr-25. Although the Fed Rate has been reduced, Bonds Yields have hardened across the Curve.
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