Investment thesis: With the Fed on hold regarding interest rates (see below) there is no trading effect from central bank activity. The Treasury market still has a strong safety bid caused by the coronavirus. This will, at a minimum, provide a modest floor underneath prices. But with the 10-year trading near 0% on an inflation-adjusted basis, it's hard to see a strong either. At best, expect modest moves in either direction, but no solid up or down move.
As for the non-Treasury market, expect the upward trend to continue as investors continue to reach for