Combine this with some short term technicals and we have some trade ideas.
to start with, the US 10's are going to be running the show as they are the most commonly viewed duration on the curve. So lets look here
Here we can see a longer term picture and see the huge short term weakness in bonds, but Stochastics are overbought and the yields are running into some stern resistance.
We can see the potential for a bearish candlestick formation, potential pinbar / evening star forming
Now looking at $HYG (ETF for HY credit) we can see the potential of a bounce, because of this I'm Buying at $89.70 (20:44PM UK) and looking for a move to 91.50, a stop on close below previous low.
Furthermore I'm buying $EMB at 103.72 (20:46PM) for a move to 108 with stops below the lows also. Similar looking chart - just getting long risky credit!
Trade idea on the fact the Fixed income isn't a one way train downwards and trying to catch a falling knife. Tight stops, good R:R
If you're inclined to look into FX, you would Short USDJPY Short USDTRY and USDZAR, but I don't want to much exposure this direction.