Welcome to Thoughts on the Market.

I am Vishji Tirupattar, Global Director of Fixed Income Research for Mogustani.

And I'm Matthew Hornbach, Global Head of Macro Strategy.

On the special edition of the podcast, we'll be talking about the path ahead for Fixed Income

markets and the dollar amidst increased concern over the COVID-19 Delta radiance,

economic growth and inflation.

It's Monday, July 19 at 11 a.m. in New York.

So Matt, as of this morning, the benchmark 10 year US government bond yields

have fallen to their lowest level since February of this year.

And the dollar at the same time has rallied to its highest level since March.

So clearly, there's a lot to uncover here.

Let's start with the Treasury Market.

So what do you think of the drivers behind this big moose in the Treasury Market?

So Vishji Treasuries have been on a roller coaster this year.

That's for sure.

In the first quarter of the year, interest rates rocketed higher from one percent

on the 10 year Treasury yield up to one and three quarter percent.

And now they've fallen, moving from one and three quarter percent all the way down to one and a quarter percent.

So your question is a good one.

What has been driving interest rates both up and down?

And in both cases, we think the primary driver has been positioning or flows in the marketplace.

Now flows, of course, occur every day.

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