FIXED INCOME
Divergence reflected in the spread between the two regions
Correlation moving lower could be an opportunity for 2025
40d correlation between US and Germany 10y rates
US/Germany 10y rates spread (in bps)
100%
250
90%
225
80%
200
70%
60%
175
50%
150
40%
30%
125
20%
100
10%
0%
75
01-23 04-23 07-23 10-23 01-24 04-24 07-24 10-24
01-23 04-23 07-23 10-23 01-24 04-24 07-24 10-24
Public Sources : Rothschild & Co Asset Management, Bloomberg – 31/12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behavior. This data is provided for illustrative purposes only. Depending on the date of issue, the information presented may differ from the updated data
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