Rates are backing up again on the false presumption that the economy is ok and that FED will keep raising rates to combat inflation. I believe a global recession is all but certain at this point. Plus, if China opens back up and inflation is pushed higher it is more likely priced in on treasuries and the impact not fully priced in for corporate bonds or junk. We will see I also think that we are at the early stages of a deflationary break in commodities that will be muted by China reopening. this is supportive of long dates bonds vs short