- Strong inflation prints this week have not prevented the long-term US interest rates from tumbling.
- A possible deal in OPEC saw a sharp drop in crude oil prices, and there is some follow-through selling today.
- The pullback in US yields appears to be the main driver of the Japanese yen.
- Tensions between the EU and Poland are escalating.
- Neither the first leg of Powell's testimony nor the Beige Book generated much fresh light on the trajectory of the US economy or Fed policy.
For further details see:
Strong Gains In U.S. CPI And PPI Don't Stop The Bond market Rally