US fixed income markets were much less volatile this week, as yields pushed slightly higher by weeks' end.  The fall in Treasury  prices during the week was partly in reaction to strong US equity markets and partly due to some safe haven flows from overseas markets.  Volatility in international currency markets continued this week, as currencies worldwide remained under pressure. 

Turkey's central bank hiked their benchmark interest rate by 125 bps in a so-far successful attempt to defend the lira, while    Argentina received a new $50 billion credit line from the IMF in order to stabilize the peso.  Argentina is in a tough spot as much of their debt is denominated in US dollars and their currency has declined 25% versus the dollar so far this year. 

On the domestic monetary policy front, the market is looking forward to another Fed rate hike this coming week, as the FOMC's next meeting concludes on Wednesday, June 13.