 There is more chance of consolidation in long Treasury yields given the import of the longer-run equilibrium/terminal rate  Compared with the longer-run trend, Eurozone real yields appear to have overshot to the upside  USD-denominated Chinese investment grade corporate yields have moved above their domestic counterparts US long-end yield consolidation Page 4 What matters to investors in the 10-year and longer maturities is the equilibrium policy rate. Valuations are more sensitive to changes in the assumption for this rate than whether the pace of tightening is 25bp, 50bp or 75bp. Where this matters is the front-end of the curve, with current valuations aligned to 50bp hikes for at least the June and July meetings.