The move in bonds today is sensational. Here's the lay of the land:
- 2s -17bps to 2.74%
- 5s -21 bps to 2.79%
- 10s -17 bps to 2.80%
- 30s -9 bps to 3.03%
That's extremely flat out to 10 years.
If these moves hold up, it's a screaming buy for the yen. You worry there's some kind of turn-of-quarter factor in play here but recessionary worries are intensifying while inflationary worries are fading. So directionally this move makes sense.
