Despite significant intra-month volatility, the 10-year US Treasury yield ended the month just 4 basis points (bps) higher at 4.45%, with yields reaching the highest levels in over a year. The 2-to-10-year part of the curve underperformed the most, with long-end yields relatively unchanged. In just two months, the market shifted from expectations of cuts by the end of the year, to pricing in a 25-bps hike by the first quarter of 2027. Kevin Warsh was confirmed as Chair of the Federal Reserve.

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