US yields applying maximum pressure - where’s the angst?

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Today we note the remarkable continued rise in US treasury yields as the 10-year Treasury benchmark reached 4.25%, and the perhaps equally remarkable lack of significant impact on risk sentiment and the US dollar (outside the rush higher in USDJPY, of curse) from this latest surge in yields. We also look at the latest on natural gas, plummeting cotton prices and gold, FX themes, the busy calendar ahead for equity earnings and macro data and central bank meetings next week and more on today's pod, which features Ole Hansen on commodities and John J. Hardy hosting and on FX.