Is This Bond Bounce For Real?

Early last month, during a fleeting rally for the otherwise beset US long-end, I called the bond bounce a "false dawn." The short-lived decline in yields was predicated on the first of what would end up being a long run of relatively dovish Fedspeak which suggested higher yields could potentially substitute for the final rate hike tipped by the September dot plot. If you see a self-defeating dynamic there, you're not wrong: By suggesting higher long-end yields could stand in for a rate hike, t