US Treasuries are in a mood to test the downside for yields after all. Still not sold on following through on it. But monitoring. The ECB meeting did not change our rates outlook and confirms a December hike is likely. We brace for more volatility as Friday's CPI and GDP readings from the eurozone are important ingredients in markets' rate hike expectations The US 10yr yield made a decisive gap away from 5%, but to the downside. This was not a fundamentally driven move, in the sense that Thursday's PCE inflation data continued to point to an ongoing significant deviation from where Chair Warsh would like to see it at (he reiterated in the aftermath of the FOMC meeting that he wants to see 2% on core, but it rose to 3.1% for September).
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