US dollar continues to run higher alongside stock markets ...Middle East

That's led to strong US dollar bids across the board that have accelerated in the last hour. In addition, stock markets are at the highs of the day with the S&P 500 up 1.4% and the Nasdaq up 2.4%. After falling into negative territory pre-market, the Russell 2000 is up 1%.

So it's not truly a 'Buy America' theme as bonds are selling off today. Bessent earlier highlighted falling 2-year yields but those have reversed course and are now up 3 bps and up 10 bps from the lows. We've also seen Fed cut pricing in the year ahead come in by 6 bps.

This article was written by Adam Button at www.forexlive.com.

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