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Higher US yields, including a 10-year nearing 4.50%, are more of a problem for the rest of the world than the US itself — directly, via more onerous borrowing costs, as well as indirectly (e.g., by pushing the dollar stronger). They complicate the Bank of Japan's YCC exit and… pic.twitter.com/ZUBvP4ua9l

— Mohamed A. El-Erian (@elerianm) September 21, 2023