The beatings of the bond market are relentless. 3s10s inverted

I thought the bond market might enter the weekend quietly due to the light US economic calendar, but a few calls for a more hawkish Fed led to another rout.

Here are the 10-year yields on the intraday chart, up 10 basis points in 40 minutes.

What is most troublesome here is that initial yields increase faster than long yields. At 2.46%, US 3-year yields are now yielding more than 10-year yields.

One of the classic recession signals is the 2s10s reversal and it’s now just 11bps.


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