The US dollar rose against all the major currencies last week and the Dollar Index rose to it sits highest level since May 2020. The relative strength of the US economy and the aggressive course the Fed appears to be signaling appears to be the main driver. The US 10-year yield rose more than 30 bp last week to 2.70%. Of the G7 bond markets, only Italy's yield rose more (32 bp). The US 2-10-year yield curve steepened by 26 and is now positively sloped by around 19 bp. The steepening, which appeared linked to the quicker pace that the Fed's balance sheet will shrink beginning as early as next month snapped a six-week ... (full story)