The sharp drop at the open threatened to see 2-year German bond yields fall to its lowest since December, before the market is turning around in the last hour. That is helping European indices find some solace but it has been a rather volatile start to the session, to say the least. 2-year Treasury yields are also pulling off an impressive bounce, now up 20 bps to 4.23% on the day.
In FX, the yen remains the only notable mover as it continues to be swung around by the volatility in bonds. Elsewhere, major currencies are rather muted and sitting just a touch lower against the dollar today. As mentioned earlier, there's still a big focus on the US CPI data coming up later.