US 10-year yields challenge the Asian high
Rates could break even higher
Today's price action is confirming yesterday's breakout.
US 10-year yields touched 1.45% overnight but slipped back down to the figure early in Europe. A second leg higher appears underway with 10s at 1.45% again.
That comes amidst the same backdrop as we saw yesterday -- an old fashioned risk on trade with rates, stocks and commodities all coming to life.
Seeing the flows into the Russell 2000, you have to think a rotation trade is underway.