US10y / PMI growth
9/10 bond yields move with economic growth. If inflation is out of control, which it is, it can take 12-24 months for bond yields to come down. It's been well over a year of slowing economic growth (manufacturing PMI growth) and bond yields are approaching a 9-year resistance level around 3% - 3.25%. Is this a bearish divergence for yields or decoupling of historic correlation?
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