Market members are lunging in the direction of the protection Treasuries. It was solely a matter of time given the volatility elsewhere.
I nonetheless have not heard of a compelling clarification for yesterday’s blowout in bonds however I are likely to assume it was a side-effect of Japanese intervention and the concept that the BOJ may pivot. Japanese buyers have been promoting to front-run it or get out of a crowded short-JPY commerce.
In any case, the newest transfer in yields is decrease. US 10-years are down to three.71% from a excessive of three.82% and are actually flat on the day.
Nothing can backside till Treasuries do and this might be the beginning of a compelling reversal.