Business is booming.

US 10-year yields continue to inch higher ahead of today’s auction

Where will real money land?

The US is raising $38B today via a 10-year auction at 1 pm ET. The bond market has been driving the bus in FX since the Georgia runoff and is increasingly driving it across broader markets.

Rates are up 3 bps and there’s no real barrier to a continued grind higher.

Interestingly though, there’s no follow-through in the US dollar today. I’ll be watching that closely.

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