According to the closing market intelligence recap from JPMorgan's Andrew Tyler, most of today’s conversations at the largest US commercial bank surrounded the impact of bond yields on equity prices, and to be sure with the 10Y pushing through 1.3%, a yield level last seen in late Feb 2020, the surge in yields has started hitting risk assets which closed lower on the day led by small caps and duration sensitive sectors. {chart} Here JPM interjects that while the jump in yields matters, from a trader’s perspective, the question “why yields are rising” matters even more. As JPM futures trader Matt Booras explains, if ... (full story)