The sell-off in global bonds continued with fresh cycle highs being set for longer-term yields. The US 10yr yield hit 4.70%, up some 12bps and currently trades at 4.69%. Weekend news of a surprise last-minute agreement by Congress to avoid a US shutdown saw yields open higher on Monday (the bill extends spending through to 17 November). Those moves extended overnight. BoE MPC member Mann came out hawkish, seeing Gilt yields higher. And the Fed’s Bowman also repeated “further rate increases ” are needed. A beat in the US ISM Manufacturing added to moves (49.0 vs. 47.9 expected). Fed Funds pricing shifted higher with ... (full story)