July 22, 2025 10:21 PM GMT Global Macro Commentary | North America July 22: Drifting Lower US rates rally and USD weakens; JGBs steepen after elections; AxJ yields steepen on domestic policy developments; upside surprise in UK public borrowing; European duration extends rally; NBH maintains policy rate and Hungary curve flattens; DXY at 97.38 (-0.5%); US 10y at 4.344% (-3.4bp). The 2025 Extel Global Fixed-Income Survey is open. If you enjoy our work, please rate us five stars in the following categories: Gl ...