Sterling, Tarred And Feathered, Bears Brunt Of The Greenback's Rally
May 08, 2022 at 10:08 AM EDT
The most important development last week was the swaps market lifting the terminal rate of the Fed funds rate toward 3.75% from around 3.25% at the end of April. The knock-on effect sent the US 10-year yield above 3% and underpinned the greenback.