I can't help wondering if the persistent falls in the AUD and Gold is telling us that the market starting to believe that that US rates would have to go higher than what the market wanted to believe and that the bond market may have got it wrong (just like what Bill Ackman said) (US 10 yr yields at 2.94pc ). This despite the recession narrative. The catalyst tonight I believe has been the higher Euro CPI rate (8.6% from 8.1% previous).
