Global Daily: War-er for longer?

Monday saw Treasuries slump again, 10s up to 5.31% and 30s to 5.67%, the highest since early 2002, despite Trump easing red diesel usage limits and deferring related taxes to try to cushion the logistics and agri sectors. If we keep going like we have since February, we’ll soon have 20th century yields again, a shock for the generation who weren’t born in it and for elders who kept telling themselves “Lower for longer” would hold after the geopolitical consensus couldn’t. That’s obviously a huge problem for the US but, as usual, it’s proving a bigger problem for others.