After a bit of a breather yesterday, the selloff in bonds is continuing today as we see yields jump higher in European trading.
10-year Treasury yields are now up 5.6 bps to 2.377% and that is close to erasing the drop in yields from yesterday. The latest peak was at 2.417% so that will be one to watch but from a technical perspective, it is hard to call a top especially if markets are still looking to price in a more aggressive Fed in May and June and also a stronger inflation outlook.
If anything else, this long-term channel trend may be of more importance i.e. bond market "bubble":
