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Both nominal and real 10-year yields have risen sharply

 The nominal yield has almost hit a pandemic-era high, while the real yield is at its most elevated level since June

To give an idea of how “tantrum-like” conditions now are, this chart shows five-day changes in the 10-year real yield, going back 20 years.

John Authers 7 January 2022


So what the market doesn’t know right now is how aggressive the Fed will be reducing its balance sheet.


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