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US Treasury yields have dipped, but we doubt there is significant downside. The 5yr is on a cheapening trend, and there appears to be too much risk-on. We also highlight some technical drivers (US auctions, specialness and front-end debate) as we wind up for the ECB tomorrow again...

With no place to hide in fixed income, it is better to have more variable payouts on US oomph. Meanwhile, it is hard to read much into recent ECB purchase data. We see this as a confirmation that there is no consensus on further action against higher bond yields. Confidence in...

Amid ongoing debates about fiscal and monetary policy in February, global sovereign debt markets experienced a widespread sell-off for the second consecutive month. In Japan, the 10-year government bond yield climbed 11 basis points to finish at 0.16%, its highest closing point since ...

The money flowing from the central banks and governments has created the so-called "pent-up demand" and predictions of 5% or more GDP growth next year. But capacity utilization is down even while trillions of new dollars pour into the system. Inflation expectations are continuing to g...

A spike in Treasury yields is spooking Wall Street, making riskier companies with low yields less attractive. The availability of money and credit to creditworthy institutions will be a more important factor driving stocks than revenues and earnings. Contrary to conventional Wall ...

A few sparks caused an explosive rise in market rates yesterday, but this should not obscure the fact that the bond market has been sitting on a powder keg since last week. Expectations are rightly for higher US rates, and it is logical for long-dated GBP and EUR rates to rise in tand...

When it comes to inflation, it's certainly true that copper is far more accurate with forecasts than the vast majority of economists. Copper price broke down in an epic fakeout last year before reversing and breaking out, in convincing fashion, to the upside. The recent breakout i...

In the fixed income world, the yield on the 10-year Treasury bond briefly broke through 1.60% Thursday. This is still low by historical standards but represents a sharp and rapid. We look at weakness in the bond market (remember, bond prices fall as yields rise) and the resulting equi...

Despite the stock market's gyrations last week, the 10-year Treasury yield spiked above the 1.6% level on Thursday. The catalyst for the surge in yields was a horrific 7-year Treasury bond auction with a very weak bid-to-cover ratio of 2.04. This essentially means the U.S. budget ...

Despite the short-term pullback in yields, the long-term trend for bond yields remains up and the stock market, although weakened, is still not completely in sell territory, although that could change in a hurry. The Fed is either going to have to step up its bond buying to lower rate...