10Y Tops 3.00% For First Time Since 2018, Gold Dumps As Real Yields Turn Positive

US 10Y Treasury yields just topped 3.00% this afternoon...

That is the highest yield since Dec 2018, right before Powell flip-flopped away from his hawkish stance...

Source: Bloomberg

At the same time, 10Y real yields have surged back into positive territory...

...for the first time since March 2020...

Source: Bloomberg

Meanwhile, gold is under pressure once again, tumbling below $1900, and below pre-Putin-invasion lows...

Back into the middle of its two-year range...

The equity markets are a shitshow of penny-stock-swings this morning with UK markets closed...

And liquidity near recent record lows...

The question is - when does the bond market start pricing in the imminent recession... and the subsequent flip-flop back to QE?