The relentless surge in rates is breaking the back of two key macro trades that had been holding firm. Options traders are betting one will recover. Gold dropped 4% to the lowest since the first week of August, as the 10-year yield climbed to 5.3% and the 30-year yield touched 5.4%. High-yield corporate bonds extended a five-day rout to the lowest since April 2025, according to the iShares iBoxx High Yield Corporate Bond ETF (HYG) . Judging by options flows on Monday, traders think gold has the potential to bounce back. For high-yield bonds, they're betting things could get worse.
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