Rate markets continue to adjust
• Yields rise. Near-term rate cut bets continue to be trimmed back. This pushed up European & US bond yields, with EUR a little firmer.• Low vol. Outside of bonds, volatility across other major asset markets is below average. Japanese inflation, Fed speakers & US data in focus today.• AUD softer. Lower base metal prices have exerted a bit of pressure on the AUD. But correlations between the AUD & iron ore aren’t what they used to be. The subdued market performance has continued with relatively modest moves across most asset classes at the start of the week. As our...