No change, bond yields continue to tread water after strong 2021 gains our preference is they will ultimately continue to drift lower and we actually feel they may take out the lows of April creating a washout move to the downside – if this does unfold MM will look to gain exposure through an ETF targeting rising yields through 2022. This dip would potentially coincide with the $US breaking to new lows for the year.
Last week we saw a big surprise in the US CPI with it scaling its highest level since 1996, however this major macro surprise was unable to create more than a one day bounce in US yields implying they’re tired and our downside target is on track.
MM is looking to buy bullish US bond yield exposure ~1.3%
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