Consider the ten year Treasury yield and the dollar index (DXY) over the past six months:

(Click on image to enlarge)

Figure 1: DXY (blue, left scale), and ten year Treasury yield, % (green, right scale). Red line at “Liberation Day” (April 2). Source: TradingEconomics accessed 21 May 2025 3pm CT.Is th

First obvious episode is in the wake of Liberation Day. The second is … ongoing.

Is there any wonder? Given how the fiscal plans are playing out, it would be surprising if there wasn’t some unrest.

(Click on image to enlarge)

Source: Reid, CoTD, DeutscheBank, May 19, 2025.

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