Central banks including The Federal Reserve have numbed the Treasury market to the extent that it feels like it has been injected with a massive dose of Lidocaine.
10-year Treasury Note volatility (TYVIX) just hit an all-time low.
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And the ten-year Treasury Note yield briefly flirted with 3% this morning before retreating back to under 3% again.
As you can see, The Fed has barely begun normalizing the 10-year yield.