The 34bp plunge in US bond yields on Wednesday (and subsequent near-complete reversal) will rank amongst the most memorable market moves in recent times. There was carnage across other financial markets, with the USD losing just shy of 2.0% against the JPY and EUR in the space of two hours, and the S&P 500 staring at a 3.0% single-day loss before regaining its composure. The big winner on the day was volatility
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