[TD Securities: Fed Policy Normalization Expected to Be a Key Driver of Global Rates Next Year] Jin10 News, November 17 – TD Securities rate strategists stated in a report that heading into 2026, the Federal Reserve's policy normalization will become a key driver in the global rates space. The strategists noted that market expectations for the Fed's long-term rates remain 'stubbornly' high. However, as the Fed continues to advance through its rate-cutting cycle, the market will eventually lower its expectations for the long-term federal funds rate. They stated that since the correlation between global rates and U.S. rates remains 'very strong,' a decline in U.S. yields will help curb the rise in long-term borrowing costs in other regions.