Again, Yields the main event.
This is turning into a global duration liquidation, not just another Treasury wobble.
U.S. 10s around 4.79–4.80%, 30s around 5.27%
UK yields at levels not seen since 2008
Japan’s 10-year has reached 3% for the first time since 1996
German yields are at roughly 15-year highs.
At the same time, the market is now putting roughly a two-thirds-plus probability on a September Fed hike.