US interest rates are rapidly normalizing. The 10-year 10-year forward yield (blue) is now 1.7%, almost back to pre-COVID levels. This sell-off is pushing up yields all around the world with one exception: the Euro zone (black). Markets are pricing in more permanent damage there. pic.twitter.com/fKUQTYcgto

— Robin Brooks (@robin_j_brooks) November 10, 2020