Following Friday’s jobs disappointment, rates went down and the dollar went up. That’s a change from the last few selloffs but consistent with how things have tended to work in the past. Risk-off episodes lead to a demand for safe assets, including Treasuries and the US dollar. We will see if it lasts, but since 2022 every dip towards 4% on the 10-year yield has been short-lived. For now, the coiled spring of the 10-year yield continues to grind.