The 10 Year Treasury yield has pulled back to its 100 day moving average and various other trend support lines. I must admit that I’m surprised it got this far, but I should not have been. The US Treasury is still paying down T-bills at a clip of $105 billion per month. Some of that cash edges further out along the yield curve, and that causes a chain reaction with other investors seeking yield further out along the curve.
But this is where the rubber meets the road.
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