Here are three charts (from Bloomberg) showing, in order, the US, UK and German 10-year bond yield (click on the charts for a bigger picture). What is going on? Technically, these charts say short the German yield, go long the US yield, and who knows about the UK.

Perhaps supply and credit quality really are having an impact on these yields — perhaps the US and German yields really will go in different directions from here. But that would be something of a change. Up until now, these yields have tended to trend in the same direction. Yesterday’s data point seems like a decisive break of that pattern.

At least something intersting is happening. This month has been eerily quiet — have a look at copper for a really unsettling stillness (from

Update: Bloomberg suggests the Chinese not buying Treasuries because of recent tensions.