Institution: The 10-year US Treasury bond seems to be depegged from the Fed's expectations.

On July 9, Torsten Slok, chief economist at Apollo, said in a report that recently, factors other than the Federal Reserve’s expectations seem to be driving the 10-year Treasury yield. Whenever investors have any reason to believe that the Intrerest Rate will remain high for longer, they dump bonds, pushing yields higher. Srock said the 10-year Treasury yield has been “fluctuation one-to-one with Fed expectations,” but there has been a gap in recent days. This change suggests that “other factors, which may include the fiscal outlook, are starting to play a role in the long-term Intrerest Rate.” ”