US long-term rates at 24-year high; managers split on Fed path and fiscal impact

US long-term interest rates have reached a 24-year high, prompting divergent views among local asset managers on the implications of fiscal policy and the Federal Reserve's next moves. Managers are placing opposing bets on the US yield curve, reflecting uncertainty about whether this marks a new benchmark or an overreaction. The development signals elevated market anxiety over inflation and fiscal sustainability, with direct implications for global fixed-income positioning.