Trading Insights

Macro Snapshots

Theme: Yield Management, Liquidity Repair, and Policy Divergence
  • Yield Focus: Trump administration explicitly targeting a sub-4% 10Y as a cornerstone of economic strategy
  • Curve Dynamics: 2Y–10Y steepening and falling long-end yields improve forward credit and liquidity conditions
  • Labor Sensitivity: ADP, retail sales, and labor data now primary market drivers
  • Policy Divergence: Fed easing bias vs BoJ tightening amplifies FX volatility
  • Liquidity Constraints: Still binding across crypto and risk assets despite easing yields
  • 2026 Setup: Improving curve mechanics lay groundwork for better growth conditions next year

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