Risk-on versus risk-off has been a factor in the treasuries market recently - the question is how important is it to treasury prices? I will breakdown nominal ten-year yields into two components to find out. Bond prices have short-term rallied (10Y yields fell from 3.11% down to 2.86%) on global risk concerns and the questionable sustainability of the global reflation and synchronized global growth themes. There are a variety of factors at play in determining treasury prices and one shouldn't overestimate the idea of a safe-haven demand necessarily leading to higher treasury prices. I will