Global equities indices fell sharply at various opening bells (and the closing bell too, as far as Asia was concerned).  This was less of a concern for the likes of the Nikkei, but a defining theme for Chinese equities markets as covid/lockdown/slowdown issues persist.   One might assume that Chinese lockdowns would have enough of an impact on inflation expectations to put upward pressure on bond yields, but that risk seems to be more than offset at the moment by a drop in fuel prices. 

Inflation expectations have dropped to their lowest level in well over a week based on a 5 year outlook and right in line with last week's lows in terms of 10yr breakeven rates (10yr yield minus 10yr TIPS yield).

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Same chart, longer time frame:

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