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As the probability of a Sept rate hike shrinks (red), the 30-year yield (blue) continues to make new 19-year highs (back to 2007), now 5.29%. As I write, WTI crude oil is only up 33 cents today. This is not a reaction to that market. -- "Bond traders can stop panicking when the Fed starts panicking." The high yield in the 30-year will come when the Fed finally panics and hikes rates.