The US is back from holiday today and inflation fears are resurfacing.
Eurozone inflation jumped above 8% and global bonds are selling off. US 10-year yields are up 11 bps to 2.86%.
The gain in European yields in the past two days has easily exceeded that but it's coupled with fears that the ECB will need to hike into a recession. In turn, there's a resurgence of the 'risk off' mood that's been dominant for most of the year.
