With little macro data to drive them, US Treasury yields still pushed higher yesterday, helped along by some more hawkish comments from Fed Chair, Jay Powell. Powell indicated that Fed rate cuts may have to be delayed if further progress on US inflation wasn't forthcoming. The 2Y yield is now virtually at 5% (4.987%) as the implied rate cutting by the Fed this year drops to a paltry 41bp. The 10Y yield also rose 6.6 basis points to 4.667%, and our rates strategists see a path from here to 5%. If so, you’d have to think that would make the USD even stronger. However, EURUSD didn’t take a strong directional steer from ... (full story)