Sometimes we think it’s likely lost on retail investors that “esoteric” things like 10Y yields and the market’s favorite go-to ignition mechanism USD/JPY are “kind of a big deal” (to quote Ron Burgundy).

So in an effort to inject a little dose of “cause and effect” reality into the blissfully ignorant world of retail BTFD’ers, we’re going to separate these charts.

One

Two

Three

Four

See how that works?

Here’s Bloomberg to help…

Treasuries rose to session highs, pushing 10Y yield below 2.31%, inside Friday’s range but below its YTD low close on Feb. 24, amid widespread declines for risk assets including U.S. stocks and USD/JPY.

• 10Y futures volumes were heaviest of the session as contract rose to 125-12, with nearly 12k traded over 1 minute at 10:31am ET
• Geopolitical developments in focus include U.S. backing regime change in Syria and pledging to rein in North Korea