The dollar has been reasonable lately, and FX insurance for the dollar likes stable dollar. The FX rates determined by the ten year yield. Petro banks like stabler US oil production, they peg to oil. They do not always agree. That is the source of volatility lately.
The two minus one is still 11, four basis below tipping. But the ten year now 1.66, below 1.7. Oil around 60. Like oil buyers are stocking up. And that effects ten year treasury demand. But it is the two year stuck high. That is pricing moving up and down the supply chain.
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