US 10-year yields on the path back to 5%? ...Middle East

This wasn't supposed to be part of the script. At the start of the year, the idea of 5% yields would've been an improbability. It was all about how many rate cuts the Fed will be doing. At the time, markets were debating between six or even seven rate cuts. Yet, here we are now deliberating over the possibility of just one rate cut this year.That has seen a selloff in bonds over the last few months, with things picking up in April in particular. We've gone from March to June to September, and now perhaps November on the outlook for the Fed's first rate cut. And that is the key reason for the run higher in yields during this period.As 10-year yields sit near 4.70% ahead of the Fed later today

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