Nadege Dufosse, Candriam's multi-asset global head, said in a report that the global interest rate market is transitioning from a phase of simultaneous monetary easing in major economies to a stage of differentiation and normalization. This puts the monetary policies of the major countries at different stages. In this environment, Candriam tends to use long-term periods mainly as a hedging method, focusing on relative value and curve layout rather than simply long-term risk. She said that the Federal Reserve may stabilize interest rates at a neutral level, which will cause the US bond yield curve to moderate and steep again. The ECB should act with caution and keep interest rates unchanged for the time being, while the Bank of Japan will raise interest rates to normalize policy.

Nadege Dufosse, Candriam's multi-asset global head, said in a report that the global interest rate market is transitioning from a phase of simultaneous monetary easing in major economies to a stage of differentiation and normalization. This puts the monetary policies of the major countries at different stages. In this environment, Candriam tends to use long-term periods mainly as a hedging method, focusing on relative value and curve layout rather than simply long-term risk. She said that the Federal Reserve may stabilize interest rates at a neutral level, which will cause the US bond yield curve to moderate and steep again. The ECB should act with caution and keep interest rates unchanged for the time being, while the Bank of Japan will raise interest rates to normalize policy.