So, what'd I miss? It seems like the choppy market mood is still playing out and just when you thought that the bond market would take charge again, we are seeing yields run back the other way on the week now. 10-year Treasury yields had been poised after a climb up to its highest since November last year but evidently the 4% mark is one step too far:
We are seeing yields now fall back below the December highs and that is a significant technical development to be wary of. In other words, the bond bulls are drawing a line and defending it well for now at least.
With the pullback in yields, we are seeing broader markets take note as well. Stocks while still subdued, produced another late comeback yesterday while the dollar is not quite sealing any major technical breakthroughs just yet. USD/JPY in particular saw a push above 135.00 in the past few sessions but looks to be falling short of breaking to the upside.