Last night saw a big move in global bond yields. The trigger was the return of European inflation in May registering an overpowering 0.3% on the year:
That sent German bunds into a tizzy with the long end flogged 21bps (or 40%) to 0.71%:
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The US followed despite weak data on the night and its yield up trends now look solid if muted across the curve as we approach a tightening Fed: