Despite last week’s Fed rate cut weighing on front-end rates, longer-dated yields have moved further in a way that looks increasingly “unglued”. In the US Treasury market, yields from the 2-year to the 30-year have risen noticeably since late November; only T-bills have seen their yields fall. Read together, that configuration suggests investors are increasingly of the view that the current easing won’t prove durable.🧐 Pricing in the rates market tells a similar story. Market-implied expectations point to at most two further cuts in 2026, after which the easing cycle is likely to run out of steam as multiple constraints reassert themselves.(BloFin Research)