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Global Bond Sell-Off: Not a Buy The Dip Moment
A global bond sell-off is the story this morning, with the US ten-year near 4.79%, its highest since January 2025, and Japan's ten-year hitting 3% for the first time since the 1990s. Rate-hike bets keep climbing, now around two thirds for September, but I hold my contrarian line that the Fed stays put and that this yield spike, tied to oil above $92 and Middle East tensions, looks more temporary than structural. I also make the case that this is not a buy-the-dip setup, with seasonality and a quiet pre-holiday tape working against it.
Silver is the theme I keep returning to with Kevin…
The skinny
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