Global FX and Rates: Yield curve steepening, payrolls and FX hedge ratios

• Steepening of the 530s treasury curve globally is at historically high levels, driven by different factors in the US, Europe, and the UK
• US curve steepness is reflective of repricing of additional Fed easing, while Europe's steepening is technical and related to Dutch pension fund transitions
• Market hesitancy to fade the steepness due to ongoing technical flows in Europe and front-end driven steepening in the US, with uncertainty surrounding terminal rates in both regions

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