Rates continue to rise

Long-end yields are moving up throughout the global bond market. US 30-year yields are at the highs of the day, up 5 bps to 2.15% -- they were flat when US equities opened.

Those rising rates are giving a lift to USD/JPY, which has now retraced the post-PCE move.

Rates continue to rise

The US dollar is also doing better more broadly and equities have lost some steam.

The rise to 2.15% in 30s breaks the post-FOMC high from Tuesday and it's a similar story in 10s, which broke above 1.50% today and have extended to 1.53%.

Last week's drop was almost certainly a short-squeeze and now the market is fighting through quarter-end flows. I suspet we're going to see more momentum to the upside in two weeks.