There's a tug-of-war between bond sellers who are worried about inflation and buyers who are looking for safety.

We saw both sides today as US 10s hit 3% again early before the risk rout started. Now they're trading at 2.92%.

In the bigger picture though, you can see who is winning.


The brief respites in yields like we saw last week open a window for stocks to rebound but when they do, the bid for safety in bonds disappears and rates climb.

So while US 10s are down 5.3 bps at the moment, that's hardly a notable drop given that the S&P 500 is down 105 points, or 2.6%. In 'normal' times that would mean a 10-15 drop in yields.