Wild that the 10Y is back to mid-February levels and it is receiving nowhere near the amount of attention it was in mid-April.
Everyone distracted by the "Riyadh Accord". Let's see if the basis trade blow up fears begin to take hold again.
Discussion
Classic sleight of hand. The bond market whispers while headlines shout about geopolitics.
Pretty big deal. Bessent wants Tether to help bail US out, but Congress dragging their feet.
30YR may be even more concerning, it's pushing the highest yield we've seen in the last 5 years. 10YR has another quarter point to do the same. This 5% level has been the "OH SHIT, somebody get on TV and say something" level for the government talking heads. 
https://x.com/DeItaone/status/1922995770300477748 and here it was. Last month he said the fed stands ready to do what it needs to, this month “reconsider average inflation target”. All roads lead to us buying our own debt as is tradition
I would add the MOVE index to your dashboard of things to watch re: US rates. This has been a pretty orderly move up in rates relative to what we saw in April.
Doesn’t mean it can’t get dicey just hasn’t been that big spike up that spooks the govt.