Yields, yields, yields.
That has been the story this week and arguably the big story so far in the opening weeks of 2022. 10-year Treasury yields are finding another leg higher today, jumping to a high of 1.90% - the highest in two years - as we see yields return back to pre-pandemic levels.
The surge higher in Treasury yields has also translated to significant action in bond markets elsewhere around the globe; the most notable this week being German 10-year bund yields turning positive once again since 2019.
From the technicals, there isn't much stopping 10-year Treasury yields from hitting 1.97% next with the 2.00% level arguably the key psychological level to watch in case we see the bond selloff deepen in the days/weeks ahead.
