In its ubiquitous manner, traders are selling bonds ahead of tomorrow"s "nothingburger" from The Fed. While no rate move is expected, more color on balance sheet normalization is perhaps spooking bonds a bit as the long-end yields are up 7bps, back above 2.90%...
Some key levels for the 30y Yield...
So the long-end yield is now back above pre-June-rate-hike levels and reaching back towards Yellen"s reportedly dovish tones from last week"s Humphrey Hawkins testimonies.
Notably bonds and stocks have recoupled since Draghi broke the correlation...
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