Supportive Start And a Closer Look at 2.91%
Abstract
2.85% and 2.91% have been the most relevant overhead technical levels for 10yr yields over the past 24 hours. There's no predictive value to be gleaned from technical breaks, but they can confirm general trends. Bonds are increasingly giving up the recent flight of low-rate fancy driven by weaker econ data in late July (see "too cold" below) and are more interested in getting back into the same sideways, volatile range.
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