The US long end found some footing as the Fed sounded less urgent and the labour data stopped looking like an obvious source of fresh inflation pressure. Takeaways:
- The global bond selloff is finally running into its own counterweights as softer US labour data, wider credit spreads and a more patient Fed begin to lean against higher yields.
- In the US, duration has started to find a footing, but volatility is unlikely to properly fade until yields themselves establish a cleaner peak. [...]