In our last report (03-Sep-25, UST10Yr 4.22%) we expected the FED cut rates by 50bp in the rest of 2025 and the shortend of the Curve to move down with the US2Yr falling towards 3.4-3.0%. At the same time, the US10Yr could be ranged between 4.16-4.70% till Feb-26 and then rise towards 5.15% by Aug-26. As widely expected, the FED cut rates by 25bp to 4.25% keeping room for 1 or 2 more cuts in 2025. The US2Yr did dip a bit, but only to 3.58%, while the US10Yr fell more from 4.22% to a low of 3.99%, leading to a degree of Curve flattening instead of Curve steepening. In
the meanwhile, Gold has continued to rise and Japanese Yields have also soared along with the rise in Gold.
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Jan '26 Quarterly Forecast
Our January '26 Dollar Rupee Quarterly Forecast is now available. To order a PAID copy, please click here and take a trial of our service.
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Jan'26 EURUSD Report
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Jan'26 USDJPY Report
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Jan'26 GOI Report
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