US yields are much firmer on the day, reflecting improved risk appetite after a seemingly relentless fall in stocks over the last two weeks.
As the S&P pops 3%, US 10s are nearly 12 bp firmer than yesterday’s short-term trend lows below 1.80%.
Long bond yields are up even more, nearly 15 bp firmer, at 2.933%.
On the very short-end of the curve, yields on 1 month T-bills are negative by 1.5% BP, leaning you have to pay Uncle Sam to hold your money… A clear sign that no matter how upbeat the equity market may be today risk remains foremost in the mid of investors as we approach year-end.
USD/JPY has firmed up a little this afternoon, now at 77.88 from US lows at 77.71.
