January 21, 2026 Both of yesterday’s shocks – Japan and Greenland – are cause for relief today. Both crises seem to be calming down. On Japan , the global bond market is recovering after yesterday’s pullback. Japan’s bond yields are falling by nearly the entire amount they gapped up yesterday. As a result, bonds are cooling off across the globe. US rates are falling a bit. The 10yr yield is down a bit, but still up meaningfully versus last week. This is still an issue o
