Today's Post - https://bahnsen.co/3QoFycQ

Saudi put a further stake in the ground on extending production cuts, and oil jumped over +2.5% as a result (nearing $82 WTI). Again, they cite the silliness of SPR not making any moves to refill (something I spoke about on CNBC last night).

Other than 2008 when the world was ending, 2022 and 2023 have seen the highest bond volatility since the 1980’s. This year has actually seen more days of > 10bp moves in two-year treasury yields than even last year did!

The higher yield levels in the long end of the curve are the story of the week in financial markets, for sure, though. The 10-year is not back to the 4.35% high it saw last year but it is comfortably over 4% again.

Links mentioned in this episode: