One thing that may give equity traders some solace this morning is the relative calm in the bond market. The yield on the U.S. 10-year Treasury was at 2.849 percent by 5:45 a.m., close to unchanged from Friday’s close. Worries that spiking bond yields are driving the equity slump should ease if the bond market holds at current levels. But while sovereign bonds seem to be stabilizing, S&P Global Ratings has warned the next default cycle in corporate debt may not be far away.
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