The fall in yields finally reverses
US Treasury yields are up and that's giving the US dollar a lift. 10-year Treasury yields are up 7.3 bps to 2.48%. On Thursday they fell as low as 2.33%.
The gains in yields have accelerated after the ISM manufacturing report beat estimates. I'd argue the retail sales report is a much more important metric but maybe the takeaway here is that the market was looking for a reason to sell bonds and buy risk assets.
