5%: US Treasurys Or GameStop?

10-year US yields, the benchmark of all benchmarks, breached 5% on Monday for the first time since 2007. At one juncture, 10s were cheaper by more than 10bps at 5.02%. The move was aggressively faded over the US session. Yields ended richer on the day, with the 10-year around 4.85%. The initial selloff bear steepened the 2s10s to within ~11bps of positive territory. Recall that the inversion was more than 100bps at the end of June, a post-Volcker extreme. Although the curve was flatter by