US: Third consecutive weekly decline for 10-year yield - BBH

Analysts at BBH note that the US 10-year yield recovered smartly after falling to 2.35% but ran out of steam shy of 2.43% which was repeatedly tested in the second half of last week.  

Key Quotes

“On the week, the yield fell 2.5 bp.  It was the third consecutive weekly decline.  The yield bottomed closer to 2.30% in January and February.  Some are calling a more even lower, though there has been a dramatic position adjustment in the futures markets, where the net short position has fallen by more than 80% from its record at the start of March. The Slow Stochastics have turned lower for the June note futures contract.  The MACDs seem poised to cross shortly. The strong pre-weekend close suggest there may be one more push higher that may offer a low-risk sale opportunity.”