It's tough to gauge exactly what the bond market is saying but US 10-year yields have risen 9 bps today and are trading at 4.10% from a low of 3.60% a month ago.A portion of that -- for sure -- is pricing out a recession. A month ago, non-farm payrolls were deteriorating and there were signs of economic weakness creeping into the US like it has in most of the developed world.However the Fed delivered a 50 basis point cut and that got the market thinking there is a Powell put and since then, the recession trade has been unwinding.Is that all this is?You could make a good argument that it is, in large part because stocks have rallied as yields have fallen. That reflects a stock market that's m
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