Yesterday's seasonally-adjustedly-awesome macro data (and upward revisions) on top of recent beats too in CPI and NFP, prompted what Nomura's Charlie McElligott called the latest "resumption of hate-selling" catalyst for USD Rates on more "high for longer-er" capitulation.
Despite 'duration' having recently experienced a (short-term) renaissance with regards to “more dovish” Fed comms and constructive flows taking shots on UST upside / Receiving due to the increased certainty of eventual “slowdown” on the implications from the blast of tighter financial conditions experienced the past two months (in addition to outright 'risk-off' potentials from the Middle East war-escalation scenarios)... we've seen a return back to "death by thousand paper cuts" for Bonds.
Thus, we continue to get what McElligott calls a "rollicking term-premium reset", as UST yields pushing to new cycle-highs...
