A further steep climb in US Treasury yields has been in the eye of the storm for financial markets over the past few days. In our charts this week we assess this trend and its driving factors. Specifically we home in on:

·         US yields and the dollar

·         Expectations for the Fed

·         Quantitative tightening policies and real yields

·         Inflation expectations and oil prices

·         Japan’s portfolio flows

·         Emerging market vulnerabilities