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Markets Today: (No) Resistance
The run of worse than expected (global) inflation-related news continues to ripple through markets, the latest culprits being core Eurozone CPI and revised US Q4 unit labour costs. 10-year US Treasuries were already pushing above 4% during yesterday’s Tokyo session and bearish curve steepening has been the order of the European and US trading days, US 2s currently +3bps and 10s +8bps (to 4.07%) relative to Wednesday’s New York close. Yields are though back slightly from the highs following comments from Atlanta Fed president Raphael Bostic (see below), the latter also a catalyst for a smart intra-day turnaround ... (full story)