• European debt led the slide with German 30-year yields rising 18 basis points to 2.44%, the highest since October. The equivalent US Treasury rate was up 11 basis points at around 3.94%, the highest since mid-November, while the 10-year yield jumped 10 basis points to 3.85%. Volumes across markets were muted with several countries, including the UK, still on holiday.
  • The yield on 10-year Australian debt rose about 15 basis points to 3.98% in early Asia trading Wednesday after a two-day holiday.
  • China will soon no longer subject inbound travelers to quarantine and has downgraded the management of Covid from its highest level. An end to self-imposed global isolation that battered the world’s second-largest economy could help spur global economic growth and fuel price increases. That risks lessening the appeal of fixed income even after a year of historic losses.