US 10-year yields earlier rose as high as 4.01%, which was back to the levels immediately after the December FOMC decision. Since then, bids in bonds have returned, driving yields down to 3.948%.
US 10 year yields intrday
I’ll be watching close to see if the dollar gives back gains, particularly USD/JPY.
This move lower in yields is also supportive for equities but it’s not translating so far.
The FOMC minutes led to something of a pop in yields but it’s not clear what as behind it. There were some more-hawkish comments in the minutes but nothing overly surprising.