Bonds and the yuan are the story of the month so far.
China is pushing USD/CNH down but are they selling Treasuries to do it? US 10-year yields are up 7.3 bps to 4.32% today, which is just a shade below Thursday’s high and the October 2022 cycle high.
US 10 year yields
We could see a real puke in bonds if 4.33-4.34% breaks.