I know it's only been a couple of hours but markets in Europe are finding it tough to settle on a theme really so far. 2-year German bond yields may be up 6 bps to 2.62% but are unchanged from the opening gap higher after some mixed moves. Here's a look at how 2-year Treasury yields have been faring in the past few hours:
You can see the sort of gyrations since three hours ago and that isn't really leading to anywhere. 2-year yields in the US are now up by just 1 bps to 4.14%. That's not really indicative of much after having endured a week of exceptional volatility.
Elsewhere, equities are steadier with European indices up around 0.5% to 0.9% while US futures are holding slight gains but in the context of how swingy this week has been, they don't mean much.
In FX, the dollar is still sitting lower with the levels not much changed from the start of the session here.
If markets are waiting on bad news and it doesn't come, we could perhaps start to see a stronger conviction for optimism later in US trading. That said, Wall Street does have its own challenges with more headlines involving FRB to come potentially.
