Strong US data has driven US Treasury yields higher and refuelled the US exceptionalism trade, which looks set to
extend for a while longer. As long as US inflation remains elevated, US economic activity remains buoyant, and
quantitative tightening continues, the federal government is dissaving aggressively. US yields will remain elevated,
and the perceived difference in economic realities will widen. This has been the foundation of the USD bull trade
for years, and there is little evidence that this is about to change.