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An Unruly Kite
Where's the peak for 10-year US yields?
That's not just a question, it's the question. After all, benchmark US government bonds are the securities off which virtually everything else in the world is ultimately priced. Those securities are a falling knife at the moment. The US long-end is unmoored and behaves on some days like an unruly kite.
This week was particularly harrowing. 10-year yields rose 30bps. Reals were higher, breakevens were higher and the term premium repriced further, nearly r
