Volatility. Powell mentioned it too. The 10-year yield is hugely volatile, and the drop over the past few days fits right in.

The 10-year yield dropped as low as 4.63% earlier today and now trades at 4.68%. It’s going through its usual gyrations – but at higher yields than before. In the morning of October 23, it briefly pierced 5% for a few seconds for the first time since 2007, and then “plunged” over the next few hours...