US 10-year Treasury yields drifted lower - BBH

US 10-year Treasury yields drifted lower last week.  

Key Quotes:

"Yields slipped a few basis points at the start of the week and then went sideways in narrow ranges.

Unable to push through 2.52%, but the high yield print generally slipping to 2.56%.  

The low on the March 17 10-year futures contract has been steadily but slowly climbing since December 15.

Indeed before the weekend the futures contract returned to the closing level on December 14 when the Fed announced its hike with the median dot plot suggesting three hikes next year.  

That level 123-13 also corresponds to the 50% retracement from the December 14 high.  

The next retracement objective is 123-21.  

The technical indicators favor additional near-term gains."