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