When one considers the relationship between crude oil prices and 10Y yields, conventional wisdom traditionally looks at the correlation between 10Y Breakevens - i.e., the inflation expectation component of interest rates while when combined with real rates make up nominal 10Y yields - and the price of crude, which as shown in the chart below, have almost overlapping correlation.
Why Higher Oil Results In Higher Yields: A Surprise Explanation From JPMorgan
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