Oil surges ... bonds fall
Meanwhile, bonds are trading near the lows of the day. Whether or not it's related to the oil news (because higher oil prices could translate into renewed inflation pressure), you can never know for sure. But given the significance of the 4.80%-4.85% yield area in the 10s, I'm keeping a close eye on the market action. If we take that out, it wouldn't take much to get us to 5%.