Rates Modestly Lower into late-April, plus Adjustment on Royal Gold.

Our E-wave Artificial Intelligence model forecasts a modest uptick in rates going into the March FOMC meeting. However, the rate outlook turns lower into mid- to late-April. This means that 10-year note yields will see 2.25% before embarking on a decisive climb higher. Factors limiting the advance in yields include the U.S. debt ceiling showdown, lack of clarity of Trump’s pro-growth proposals, low global interest rate environment and uncertainty surrounding French elections in April.

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