We’ve gone from looking up towards 1900 to checking how far the ground is below as we tumble back from the highs at 1883 to 1876.
US 10’s have shot up over the last couple of days and while that is positive in the main the market doesn’t like overly big moves in bonds. We’ve gone up over 10bp from the lows to the highs at 2.82% today and that’s entering nervy territory. European bonds are on the receiving end of some flows as the money goes chasing yields once again. Spain is down 4bp to 3.37% with Italy at 3.42%
US 10 year yields 07 03 2014