US 10-year yields have broken the previous October high of 4.88% and are trading at 4.895%.
US 10y yields
The conversation is inevitably heading back to 5% but 20-year yields are already at 5.23% and 7s are at 4.93%. The writing is on the wall and risk assets can see it as they fall to session lows following this bond move.
There will be a 20-year auction at 1 pm today and that's going to be closely followed.