Asian Bond Curves Set to Steepen More as Trade War Rages on (1)

April 17, 2025, 6:44 AM UTC

Asian bond curves face the risk of steepening further as bets on monetary easing to soften the tariff blow drag down short-end yields, while long-term rates track Treasury yields higher.

The yield spread between Thailand’s two- and 10-year bonds is at the widest since September, following a rise of more than 10 basis points since President Donald Trump announced reciprocal tariffs on April 2. A similar trend is also sweeping across bond markets India, South Korea and the Philippines.

“Bond curves in emerging Asia could steepen further, with front-end yields anchored by rate expectations to support growth and mitigate the ...

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