This is TNX
(Yields) And the 30y/10y ratio (the idea that higher dated bonds should reflect higher yields) This range the markets have been has coincided with the de-coupling from this Ratio and Yields on 10y US bonds ( TNX
). Why this re-coupling? might be inportant, is because it leaves the door open for markets to start matching fundementals and vice versa. should reflect back into FX with time.