**ING Economic and Financial Analysis**
*By Padhraic Garvey, CFA, Regional Head of Research, Americas and Michiel Tukker, Senior European Rates Strategist*
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The yield on the US 10-year Treasury is currently hovering around 4%, while the 2-year yield remains close to 3.5%. As the Federal Open Market Committee (FOMC) meeting concludes on October 29, policymakers are expected to outline a plan for quantitative tightening (QT).
The market is approaching the Fed meeting with clear expectations of a 25 basis points rate cut. This sentiment is driven by concerns about the job market, which appear to outweigh lingering fears of tariff-driven inflation.
Meanwhile, with the European Central Bank (ECB) clearly adopting a hold stance, we anticipate very little volatility in euro rates stemming from domestic factors.
The US curve remains in a steady state along the coupon curve, but there is a great deal happening beneath the surface.
From Trump to trade, FX to Brexit, ING’s global economists have it covered. Stay a step ahead by visiting [ING.com/THINK](https://www.ing.com/THINK).
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