With the Fed - Warsh at the helm - declining to offer forward guidance, yields could drift wider still. That would be understandable, potentially even welcome, if the babysitter has simply decided to step back from the crib. This isn't the wideness of an inflationary boom; it's a mechanism - the Fed inviting the bond market to do its own homework and read the datapoints for itself. Adding to the pressure, Japan offloaded roughly $53B of US Treasuries this week to support the JPY, a further drag on yields. Provided precious metals (PM) hold their nerve through this phase, both PM and crypto could be primed for a steep rally once rates turn lower again.