You spend years waiting for central banks to hit their inflation targets, which, incidentally, most are still failing to do, crude oil noses up a bit making targets look more achievable, and all of a sudden, news headlines are full of stories of bond yields reaching 3% (3%!!!!) and global recession. I'm sorry if I sound like I don't care. But if US 10Y Treasury yields rise a further 3bp, I cannot see this causing the US housing market to collapse. US corporates, currently printing decent earnings, will not suddenly go bankrupt. And yes, credit spreads have widened, but they were absurdly tight. A return to more ... (full story)