FOMO is hitting the bond market

<p>It's headlines like this that are suddenly everywhere and they certainly capture the market mood today.</p><p>US 10-year yields are down 15.5 bps to 4.636% today, which is certainly a long ways off from 5% just over a week ago.</p><p>The drop in Treasury yields isn't just about a repricing of the term premium as the market grows less fearful about a hawkish Fed. Pricing for December 2024 rate cuts are now up to 85 from 75 bps late last week.</p><p>That (and strong risk appetite) are weighing on the US dollar, which is trading at session lows across the board.</p>

This article was written by Adam Button at www.forexlive.com.