The dollar's advance accelerated since the end of February. The momentum has surprised everyone. Pullbacks continue to be shallow. The move appears to have taken a life on of its own. Consider last week, as the euro slumped more than 3%, sterling more than 2%, and the dollar-bloc more than 1%, US yields fell sharply. The US 10-year yield fell 15 bp. It has completed retraced the increase spurred by the strong jobs data on March 6. The yield the December Fed funds futures contract fell 7 bp to 51.5 bp. It settled at 49.5 bp the day before the employment report. The magnitude of the slide in the currencies (leaving ... (full story)