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2025-09-16 13:29:54
[Goldman Sachs expects the next pain point for bond traders to be in 5-year bonds] Goldman Sachs strategists said that the next pain point for bond traders may appear in the 5-year part of the yield curve. Strategists George Cole and William Marshall wrote in a report that 5-year bonds in Japan and Germany are particularly vulnerable, with the former heading for a longer tightening cycle and the latter's economic outlook improving. Shorter-term bonds are greatly affected by monetary policy bets, and bonds with maturities of 10 years and longer tend to be more sensitive to inflation and deficit concerns. This makes 5-year bonds a "sweet spot" in the global bond market.
