UBS Abandons Near-Term Bullish Stance on Short-Term US Treasuries

Odaily Report: UBS strategist Phoebe White said in a report that UBS was stopped out of its long position in 2-year US Treasuries earlier this week and has abandoned its near-term bullish bias on front-end bonds. UBS also raised its year-end target for the 10-year US Treasury yield from 4.35% to 4.80%, and adjusted its 2-year target from 3.95% to 4.50%, roughly in line with forward rates. Tradeweb data showed that the 2-year US Treasury yield rose 2 basis points to 4.568%, having earlier touched 4.596%, the highest since July 2024. (Jinshi)