Padhraic Garvey, head of Americas research, and Michiel Tukker, senior rates strategist at ING, say the US 10-year Treasury yield is unlikely to fall below 4.5% in the near term. They add the US Treasury’s repo plan won the first round in lowering long-term yields but warned more battles lie ahead; if the repo programme aims to structurally push long-term yields lower, a tougher fight remains. ING expects the 10-year to trade in a 4.5%-5% range, with upside pressure toward 4.75%-5% still present

Padhraic Garvey, head of Americas research, and Michiel Tukker, senior rates strategist at ING, say the US 10-year Treasury yield is unlikely to fall below 4.5% in the near term. They add the US Treasury’s repo plan won the first round in lowering long-term yields but warned more battles lie ahead; if the repo programme aims to structurally push long-term yields lower, a tougher fight remains. ING expects the 10-year to trade in a 4.5%-5% range, with upside pressure toward 4.75%-5% still present.