US government bond yields dipped quietly to their lowest levels in a month this week, suggesting that some investors are distinctly less bullish than the ones that drove Wall Street to its highest levels of the year.

In a week when many equity investors were watching the trading action in Shanghai (a closed casino of a market and subject to the dictates of China’s policymakers) it may be that the real market to have watched was the Treasury arena. In spite of some selling pressure on Friday, which pushed the yield on 10-year paper back above 3.50 per cent, the benchmark note sits well below the high near 3.90 per cent posted this month.