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It’s 3:30am EST and the UST 10Y is at 1.28%!

The retreat since the FOMC meeting in June has been rather swift and remarkable, considering the fact that most still view that the Fed is slowly tilting towards being more hawkish. As such, this is an ominous sign when weighed against that outlook.
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This is posing so many questions with regards to inflation and the Fed and it is getting harder and harder to ignore by the day.

The latest downdraft in yields so far is stirring up some nerves as we see more of a risk-off tilt to start European trading with the yen higher and commodity currencies being punished, with the aussie and kiwi leading losses now.

https://www.forexlive.com/technical-analysis/!/the-bid-in-bonds-is-not-letting-up-20210708

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