Ten Trend

Words, playing me deja vu
Like a radio tune
I swear I've heard before
--Duran Duran

At ~ 2.3%, ten yr yields are marking levels last seen nearly two years ago. Current rates also constitute a near perfect 50% retracement of the range set between the all time lows of about 1.4% in July 2016 and recent highs of about 3.2% in late 2018.

What's going on? You pick the cause. Flight to quality. Risk aversion. Low inflation outlook. Anticipation of pending Fed rate cuts. Forecast of economic slowdown. Global bond yield arbitrage. Robo trend followers.

In the Fibo world, some 'rest' at current levels would not be surprising. If the downtrend continues, then it 'works' to ~ 2.0%.

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