Bond move starting to look more like a fake out than a breakout

Treasury yields give it back

A strong bid in bonds is driving down Treasury yields after what looked like a breakout earlier today.

US 30-year yields are now down 2.4 bps to 2.38% after rising as high as 2.46% earlier.

In the 10-year space, yields hit a post-pandemic high of 1.77% but are now back to 1.72%, below the prior March high of 1.75%.

The reversal in yields is beginning to weight on USD/JPY, which has retreated to 110.20 from a high of 110.43.

Treasury yields give it back
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