Yawn-inducing moves in markets this morning include the 10y US Treasury yield roundtrip (from 0.57 at the start of the week to 0.63 yesterday and 0.58 this morning). Remember, Goldman went short on Monday July 20, when the 10y was trading in the mid 0.60s. Equities have suffered moderate losses over the past five days, but that’s after they reached new post-March highs earlier last week. The pandemic is still keeping folks ‘entertained’. While US case growth has stabilized, case growth in a number of European countries has started to grind higher. Elsewhere, well, the WHO says the pandemic is “accelerating.”

 

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