State Street Global Advisors strategists said the yield curve’s attractiveness
may be overstated, noting the curve does not currently appear particularly
steep. They warned that if markets price higher term premia—or shift toward a
2000s‑style regime—government bond yields could face further upside. While the
rise in sovereign yields is among the most important recent fixed-income
developments, they do not see a clear case yet for extending duration despite
more attractive yields.