What a wild week meant for bonds (and mortgage rates)

  • If the Fed is on a tightening path, there is a limit to rally in the 10-year T-note, and we’re at it.

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The U.S. 10-year Treasury last Friday closed at 2.38 percent, and today trades at 2.37 percent. So nothing happened this week. Hah. It is worth time-tracking this week’s events versus markets, an excellent illustration of what markets care about and do not.