On this episode of The Rate Guys we talk about how last week the 10 Year Treasury spiked, the dollar slipped, and headlines claim the world is ditching the U.S. JP breaks down what really happened — and why it's probably not about deficits or de-dollarization.

From CPI cooling to basis swap unwinds, it was one of the wildest weeks of JP's career. He explains the chaos, calls out the hype, and reminds us: reducing exposure isn't the same as betting against the U.S.

To check out the graphs referenced - check out the Pensford Newsletter