As touched on earlier, US 10-year bonds have started consolidating their recent gains, in our opinion it’s the nature of the advance which unsettled pockets of the market – remember the consensus view of markets for 2021 was an economic recovery and higher bond yields / interest rates but not a 60% pop in just a few weeks. Hence we feel a few weeks around the 1.5% area should reinstall confidence in risk assets.
MM is bullish US / global bond yields medium-term.
