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Global Daily: Burning the Bridgeheads

12 January 2026 4:59 RaboResearch

2-year Treasury yields closed 4.4bps higher at 3.53% on Friday after December non-farm payrolls showed the unemployment rate falling to 4.4% and wage growth accelerating despite slower-than-expected hiring. Fed-dated OIS has seen a modest upward re-pricing in the market-implied path of the Fed Funds Rate, though two 25bp cuts by the end of the year remain in the curve with the first fully priced by June.

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Marketing communication / Non-Independent Research. This publication is issued by Coöperatieve Rabobank U.A., registered in Amsterdam, and/or any one or more of its affiliates and related bodies corporate (jointly and individually: “Rabobank”). Coöperatieve Rabobank U.A. is authorised and regulated by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. Read more