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Bond Breakout Gets Serious; Rates Highest in a Month, But Still Lower in Big Picture

Bond Breakout Gets Serious; Rates Highest in a Month, But Still Lower in Big Picture

The long-standing consolidation range in 10yr Treasury yields finally came under serious attack yesterday, with a big breakout to the upside. Any time these sorts of trendlines are broken--and especially if that break occurs on the last day of any given month (or just before a key event)--we like to see at least one more day of "confirmation" where yields avoid backtracking toward the previous range. Unfortunately, there doesn't seem to be any risk of backtracking today as yields continue to push higher out of the gate. Barring a miraculous recovery, this will offer firm confirmation of the range breakout. Moreover, the next ceiling is already under attack. With the break of the consolidation range, we move on to consider the broader sideways range with various horizontal lines. The nearest
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