10 year yield bounces off the 3.90%
As the Chair Powell testimony continues, the US 10 year yield moved down to test a floor level going back to February (see hourly chart above). That floor comes near 3.90%. The low today reached 3.899%.
The yield has moved higher and trades back at 3.952%. The 200 hour MA at 3.964% and the 100 hour MA at 3.984% are the next targets. Move above and the bias shifts more to the upside for US yields.
At 1 PM the US treasury will auction off $32 billion of 10 year notes. Makes you wonder if the move back to the upside in yields is in reaction to the order book being lighter than expectations?
PS the 2 year yield is back comfortably above the 5% level at 5.0532%. That is up 4.2 basis points on the day. The low for the day reached 4.973%.
https://news.google.com/rss/articles/CBMiYWh0dHBzOi8vd3d3LmZvcmV4bGl2ZS5jb20vdGVjaG5pY2FsLWFuYWx5c2lzL3VzLTEwLXllYXIteWllbGQtYm91bmNlcy1vZmYtZmxvb3Itc3VwcG9ydC0yMDIzMDMwOC_SAWVodHRwczovL3d3dy5mb3JleGxpdmUuY29tL3RlY2huaWNhbC1hbmFseXNpcy91cy0xMC15ZWFyLXlpZWxkLWJvdW5jZXMtb2ZmLWZsb29yLXN1cHBvcnQtMjAyMzAzMDgvYW1wLw?oc=5
2023-03-08 17:32:00Z
CBMiYWh0dHBzOi8vd3d3LmZvcmV4bGl2ZS5jb20vdGVjaG5pY2FsLWFuYWx5c2lzL3VzLTEwLXllYXIteWllbGQtYm91bmNlcy1vZmYtZmxvb3Itc3VwcG9ydC0yMDIzMDMwOC_SAWVodHRwczovL3d3dy5mb3JleGxpdmUuY29tL3RlY2huaWNhbC1hbmFseXNpcy91cy0xMC15ZWFyLXlpZWxkLWJvdW5jZXMtb2ZmLWZsb29yLXN1cHBvcnQtMjAyMzAzMDgvYW1wLw
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