06 Jul 1995
31 July 2019
31 July 2024
18 September 2007
03 May 2024
03 January 2001
29 September 1998
First rate cut
Bloomberg US Treasury Total Return Unhedged USD Index
+12 mths
+6 mths
-12 mths
-6 mths
Cycle:
Post the first rate cut, sovereign-bond market performance becomes less consistent
Sovereign bond markets tend to perform well into the first rate cut
First rate-cut scenarios: