{podcast} Higher than expected US CPI and a weak 30y bond auction have seen longer-dated yields explode higher with the yield curve continuing its recent steepening (2/10s +4.3bps to 27.9bps; 2/30s +4.9bps to 79.8bps). The move in rates has likely been exacerbated by long positioning and has been concentrated in the long end of the curve (note the BoAML fund manager survey for June had long US Treasuries as the most crowded trade). Reflecting that US 10yr yields were +7.5bps to 2.1378% and US 30yr yields added +8.2bps to 2.6593%. Equities largely ignored the move in rates, continuing to be supported by rate cut ... (full story)