“Talk of the town this week is the latest jump in bond yields, most notably U.S. Treasuries, as investors continue to position for an accelerated tightening timeline. The market is now pricing in at least 4 rate hikes this year, with the probability of a 5th ticking up this week. While a lot of headlines have focused on nominal yields, it’s the recent spike in real yields that matters more in our opinion, especially for non-income-producing assets like bitcoin and gold,” they wrote.
