US 2-year yields hit highest since 2010
Bonds are dumping with the Fed set to hike rates and the ECB not printing enough.
US 2-year yields are up 5 basis points 0.98%.
Looking at the chart, it seems amazing now that 8 years ago you could get 5% sitting in the world's safest asset.
In terms of big moves, the long end is where the real action is. The 10-year yields is up 16 basis points to 2.34% and it would be more if the stock market was taking a beating today (fresh lows now).
I've mocked bond shorts for years but there might actually be a compelling case. I think good weather in Q1 because of El Nino will trick the Fed into a second hike and that might push 10s above 3% before the economy comes crashing back in H2.
Anyway, that's a trade for later. The trade for now is evidently EUR/JPY longs.