The 10Y–3M yield curve remains inverted, but the downtrend has been grinding sideways just below neutral (-0.07%)
We've seen this movie before — summer 2023 and 2024 both saw similar counter-trend rallies that kept risk-on flows alive… until the uptrend resumed.
Remember: it’s… pic.twitter.com/8ztD0Xinmm
— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) July 8, 2025
Japanese 30 year yields are now definitively above 3%, marking the highest level since May and a stone's throw away from ATHs
since the currency was blowing out so hard, Japan halted YCC and the interventions.
Now the pressure is moving to the bond market.
NO WAY OUT pic.twitter.com/OECRBize0m
— Roberto Rios (@peruvian_bull) July 8, 2025