UBS On-Air: Paul Donovan Daily Audio 'Bond yields moderate as rhetoric moderates'

US 10-year Treasury yields have fallen back to the levels of about a week ago. There are two narratives seeking to explain this—a safe-haven bid from Middle East violence, or more dovish comment from Federal Reserve members. The muted currency market response suggests it may be more about Fed expectations. Five members of the Fed are jostling one another for the media spotlight today.