Strong Start on Weaker Global Outlook

Oil prices, Asian equities indices, US equities futures, EU bonds, EU equities, and US Treasury yields...  All of the above moved steadily lower in the overnight session amid a broad risk-off trade.  A technical break of June's uptrend in rates is adding the momentum, and so far, Fed Chair Powell's congressional testimony is being received as more dovish than hawkish.

The

Here's a look at the technical break of June's uptrend in bond yields: