I thought the bond market might go quietly into the weekend due to the light US economic calendar but a couple calls for a more-hawkish Fed have led to a new rout.
Here are 10-year yields on the intraday chart, rising 10 basis points over 40 minutes.
What's most-troublesome here is that front end yields are moving up faster than the long end. At 2.46%, US 3-year yields now pay more than 10-year yields.
One of the classic recessionary signals is 2s10s inverting and that's now just 21 bps away.
