Maggie Lake Talking Markets Episode 27: How High Can Bond Yields Go? With Blake Morrow
Mar 16, 2026
Blake Morrow, co-founder of Forex Analytix and FX market analyst known for currency flow and volatility commentary. He discusses how oil and the dollar are driving markets. They cover rising global bond yields, central bank dynamics and political pressure on the Fed. Conversation also touches on FX implied volatility, Japan/yen intervention risks, and trading discipline under headline-driven volatility.
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Episode notes
Crude Oil Is The Market's Lead Risk Signal
- Oil is the lead market moving risk sentiment right now.
- Blake tracks a $95 crude level as the bull/bear line tied to Sept 2023 highs and market calm when crude stays below it.
Currency Volatility Is Forcing Position Cuts
- Currency implied volatility is extremely elevated and changes how traders size positions.
- Blake notes Euro one‑month vol climbing from ~5% to ~10–11%, forcing position cuts and making markets harder to trade.
Hormuz Disruption Changes Typical Risk Off
- The current risk‑off differs from past episodes because the Strait of Hormuz choke point directly affects energy flows to Europe and Japan.
- That geographic specificity is changing usual carry‑trade and FX dynamics across AUD, NZD and CAD.