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

Last night the 10-year broke down to 2.29 percent, pulling mortgages also (some trading is 24/7)
  • 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.

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.