Three Forces Pushing Rates Higher Across the Curve | May 25, 2026 | Torsten Slok's The Daily Spark | Apollo Global

Sources: FRB, Haver Analytics, Apollo Chief Economist

Front-end rates are under upward pressure because inflation is higher for longer.

The belly of the curve is seeing upward pressure on yields because of hyperscaler issuance.

And long-end rates are moving higher because of more Treasury supply and less Fed demand.

The bottom line is that three distinct forces are pushing rates higher across the curve, and investors should position for a persistently higher rate environment.