Meanwhile in markets, equities, commodities and credit haven’t seen much benefit from what is turning out to be the turning point in the bond market. Last week, we called for the peak in real yields, a call that is still proving to be right (but for how long is a different kettle of fish). And despite the pretty extreme volatility in bonds, 10-year and 30-year Treasury and Bund yields haven’t managed to come close to the early June peak.


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