US TREASURY TERM PREMIUM SEEN TOO LOW, PICTET SAYS Pictet Asset Management warns the U.S. term premium—the extra yield for holding long-term Treasurys—looks unusually low. A U.S. policy misstep could trigger a selloff, pushing yields higher. While 10-year yields are expected to stay below 5%, higher rates remain a notable tail risk. Treasurys remain core to global portfolios, but Pictet suggests hedging exposure, with gold as a natural dollar hedge.(*Walter Bloomberg)