Clearly US rate expectations and bond curve movements lead global Fixed Income markets. Any big the other central banks can promise, if US yields go up, global yields can not really go down. (one reason among all, that supports my view on Bund and BTP).
There can be one more important consequence of rising yields: global risk asset repricing. If we call global bond markets a bubble, whyt will happen to EM world and developed stock markets if yields really go up. By this I don1t mean 5-10-20 bps surge... more like 75-150 bps bond blow ups on mid and long end of the bond curves. Just thinking laud.
My view is the same as it has been for months: the huge and historically unprecedented bubble is in the bond markets! Therefor first short the bond markets, and only later can we get for stocks.
All , or bearish-like signals are marked on the weekly and with ellipses. Possible tgt is 129+
You don't have to put too many things on your radar, but ZN is something you should follow. It is a basic element of the global capital market. Very important to know what is happening in rates, especially in US bonds!
By the way you can trade the whole global macro with maximum 10-15 assets. Something will always catch a trend.