Global macro and markets: • Global markets: US Treasury yields continued their downward march on Thursday, taking the 10Y yield down to 3.921% after a decline of 9.6bp. We haven’t seen 10Y yields starting with a 3 since July. There was a smaller decline by the 2Y yield of 3.8bp. EURUSD has been given a further lift as US yields declined, rising to 1.1005. This has also dragged the AUD up above 0.67, Cable is up at 1.2771, and the JPY has fallen to 142.07. Other Asian FX has also strengthened, except for the INR which appears to be de facto pegged these days. USDCNY has dropped to 7.1119. The THB and KRW were the ... (full story)