Los rendimientos del Tesoro suben ante una serie de datos de EE. UU.: El sentimiento de los inversionistas y las implicaciones para los mercados de ingresos fijos y acciones

The U.S. Treasury market entered late 2025 with a pronounced shift in investor sentiment, marked by a broad decline in yields across the curve. This development, occurring ahead of a critical pipeline of economic data releases, reflects a recalibration of expectations regarding Federal Reserve policy and macroeconomic risks. As investors grapple with conflicting signals-robust employment figures versus persistent inflationary pressures-the interplay between fixed income and equity markets has become increasingly complex.

Fixed Income: A Dovish Repricing

U.S. Treasury yields fell sharply in November 2025, with the 2-year yield dropping 8 basis points, the 5-year declining 9 basis points, and the 10-year retreating 6 basis points, while the 30-year yield remained unchanged according to market commentary. This selloff in yields was driven by a dramatic shift in market-implied odds for a Federal Reserve rate cut. By mid-November, the probability of a December rate cut had plummeted to 29% from near certainty in October, only to rebound to 83% by month-end as new economic data emerged according to market analysis.

The divergence in investor expectations underscores a key tension: while the September nonfarm payroll report added 119,000 jobs and Q2 GDP growth hit 3.8% according to data, core CPI inflation remained elevated at 3.0% year-over-year according to the report. This duality has led to a

"dovish repricing" of Fed policy, with markets now pricing in at least two rate cuts in 2026. For fixed income investors, the decline in Treasury yields signals a flight to quality amid uncertainty, as well as a belief that the Fed will prioritize growth over inflation in the near term.

Equity Markets: Sector Rotation and AI Valuation Concerns

Equity markets mirrored this mixed sentiment, with the S&P 500 posting a modest 0.25% gain for the month, fueled by strength in Health Care and late-month rallies in Communication Services and Information Technology according to analysis. However, the NASDAQ Composite closed November down 1.5%, ending a seven-month streak of gains according to market commentary. This divergence highlights growing concerns about overvaluation in AI-driven technology stocks, with investors questioning whether current multiples are sustainable.

The late-month equity rally was partly attributable to renewed hopes for a third Fed rate cut in December, which temporarily alleviated fears of a hawkish policy stance. Yet, the broader market remains cautious, as evidenced by the underperformance of the NASDAQ and the sector-specific volatility. For equity investors, the challenge lies in balancing exposure to high-growth sectors with the risk of a policy-driven correction.

Investor Sentiment and Policy Path: A Delicate Balance

The interplay between fixed income and equity markets reveals a broader narrative of investor uncertainty. Treasury yields falling in tandem with equity volatility suggests that investors are hedging against potential macroeconomic shocks, such as a slowdown in consumer spending or a surge in inflation. At the same time, the market's pivot toward a dovish Fed policy path-despite conflicting data-reflects a preference for liquidity and stability over aggressive rate hikes.

For fixed income investors, the decline in yields presents both opportunities and risks. While longer-duration Treasuries may benefit from continued demand, the lack of movement in the 30-year yield indicates caution about long-term inflation expectations according to market commentary. Meanwhile, equity investors must navigate a landscape where sector rotation is likely to accelerate, with defensive sectors gaining favor as AI-driven optimism wanes.

Conclusion: Navigating the Crossroads

As the U.S. economy approaches a critical juncture in late 2025, the decline in Treasury yields and mixed equity performance highlight the fragility of investor sentiment. The Federal Reserve's policy path will remain the central determinant of market direction, with the potential for further rate cuts in 2026 already priced into both fixed income and equity markets. For investors, the key will be to remain agile, balancing the allure of high-growth equities with the safety of Treasuries as macroeconomic data unfolds.