On August 15th, the 10-year yield hit a 2.30% low. Within a month, by September 15th, the 10-year yield had tacked on 30 basis points and reached basically a three month high. This morning the 10-year yield is trading off the recent highs from a couple of days ago, albeit only marginally. Even if you didn’t nail the move, or did so in hindsight, the fact remains having a view on rates, and thus the U.S. dollar, is critical in global macro positioning.