Nadege Dufosse, Global Head of Multi-Asset at Candriam, stated in a report that global interest rate markets are transitioning from a phase of synchronized monetary easing across major economies to a phase of divergent normalization. This has placed the monetary policies of major countries at different stages.In this environment, Candriam tends to use duration primarily as a hedging tool, focusing on relative value and curve positioning rather than pure duration risk.She noted that the Federal Reserves may stabilize interest rates at neutral levels, leading to a moderate re-steepening of the U.S. Treasury yield curve. The European Central Bank (ECB)s should proceed cautiously and keep rates unchanged for the time being, while the Bank of Japan (BOJ)s are normalizing policy through rate hikes.