"Treasury Yields Surge: Signaling Ominous Market Shift"

US 10-year Treasury yields surged 13.3 basis points, nearing the key 4.35% level, potentially signaling a bearish head-and-shoulders pattern with a target of 4.65%. Factors driving this include Powell's remarks on rate cuts, a hot ISM manufacturing survey, and speculation about quarter-end rebalancing and cash raising for riskier assets. The outcome could impact not only Treasuries but also USD shorts and crowded equity trades, prompting close monitoring of the situation.