Why bond yields are higher, part XXI. Actually, it’s the economy, stupid – to use on famous mantra. Here are monthly South Korean exports, one of the timeliest economic indicators that happens to be a bellwether for the global economy. Note that we use the 6-month/6-month annualized percentage change instead of the year-on-year percentage change because it is much less susceptible to base effects and because it shows up turning points sooner:

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