“Speak of the city this week is the newest bounce in bond yields, most notably U.S. Treasuries, as traders proceed to place for an accelerated tightening timeline. The market is now pricing in a minimum of 4 charge hikes this 12 months, with the chance of a fifth ticking up this week. Whereas loads of headlines have centered on nominal yields, it’s the current spike in actual yields that issues extra in our opinion, particularly for non-income-producing property like bitcoin and gold,” they wrote.