After tariff rout, hedge funds revive euro rate steepeners
Dutch pension overhaul drives bets on euro rates curve steepening
Hedge funds are stepping back into euro rates steepener trades after taking profits during April’s tariff-driven turbulence, betting that the gap between short- and long-term swap rates will continue to widen in response to Dutch pension fund reforms and expected central bank rate cuts.
The trades, which see investors receive fixed on five- or 10-year euro interest rate swaps and pay fixed on 30
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