Commentary
2025: The U.S. Stands Alone
January 6, 2026
Every developed-world bond market saw higher long-term yields, with one exception: the U.S. 10-year yield.
The 'sell America" trade upset the dollars recovery, the Index takes a shift away and looks to pick up some yield.
Every developed-world bond market saw higher long-term yields, with one exception: the U.S. 10-year yield.
As we enter the 2026 calendar year, the Index remains long the dollar and the committee expects higher rates.
After a year of struggles, the dollar looks to be an attractive investment opportunity in December.
A description of index positioning effective November 3, 2025
A description of index positioning effective October 1, 2025.