US bond market volatility is surging:

The ICE BofA MOVE Index is up to 95 points, the highest since June 2025.

The index, also called the “VIX of bonds,” measures the yield volatility of 2-year, 5-year, 10-year, and 30-year Treasuries.

The gauge has risen +37 points, or +64% over the last 6 weeks, the fastest jump since "Liberation Day."

This month alone, the 10Y Treasury yield rose +35 basis points to 4.28%, near the highest since August.

At the same time, the 30Y yield soared +30 basis points, to 4.90%, also near a 7-month high.

Markets are pricing-in higher inflation from the Iran war.

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