- We traded under 1.2% on the 10-year Treasury note yield a couple of weeks ago, and after a weak rebound, Treasury note yields are again headed even lower.
- It has to be noted that all this bond trading is happening under a rising 200-day moving average for the 10-year yield.
- The bond market looks like it is afraid of the delta mutation of the novel coronavirus, and it also is probably benefiting from Japanese and European QE money, which can find no yields in their home bond markets to chase, so they are looking at positive yields in the U.S. bond market.
For further details see:
The Relentless Bid Under Treasuries Continues