When Rates Vol Moves… Everything Moves

Rates aren’t breaking… but they’re not calm either

Under the surface, pressure is building across the curve. The 10-year remains stuck in a messy range, the long end is leaning on key levels, and volatility is starting to stir. Nothing has snapped yet, but the setup is getting tighter, with cross-asset signals beginning to align.

The risk isn’t rates drifting higher.