Bond yields have started to break down, and if today's chart is anything to go by, it's entirely possible we see a further push lower in yields.
The May round of flash PMIs brought mostly disappointment, with all the majors undershooting expectations, and falling on the month. Europe fell a further -0.2pts to 47.7, Japan fell -0.8pts to 49.6 and US dropped -2pts to a barely expanding 50.6. This placed the composite for developed markets down significantly, and unwound some of the green shoots in last month's results.
The chart comes from my latest weekly