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Ugly 10-Year Sale Is Insult To Injury For Reeling US Rates
On a day when another warm CPI report roiled the US rates complex, markets could've done without an ugly 10-year sale.
But when it rains it pours, as the hackneyed old cliché goes, so I suppose it wasn't entirely surprising to see a 3bps tail on the benchmark reopening.
If you're not well-versed, suffice to say that's bad. Really bad, actually, and insult to injury for a reeling bond market.
10-year yields, already ~16bps higher following the inflation data, rose even further, to ~4.57%.
