In addition to the big bond selloff, the other big theme in the market is the yen selloff, and we’d argue that they’re one in the same, because investors hold US Treasuries and Japanese yen when they’re feeling super-cautious.
The selling continues in both tonight.
Yields on the 10-year US Treasury is now above 2.3%, and the dollar has risen to above 84.11 vs. the yen, continuing a major power move.
Meanwhile, the Nikkei is higher, and US futures have ticked higher as well, so it seems that the good vibes are continuing in modest fashion.
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