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May ' 25 US Treasury Report

In our last report (04-Apr-25, UST10Yr 3.89%) we had said that the US10Yr could fall to 3.90-80% within April-May and then be ranged between 3.90-4.40% for a few months before falling further towards 3.4% by Nov-25. As expected, the US 10Yr rose from 3.86% to as high as 4.59%, surpassing the projected range high of 4.4%, as there was capital flight from the USA in the wake of the imposition of Trump’s tariffs.

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