Quotes from BofA Merrill Lynch:- US 10yr Treasury yields rose sharply overnight, breaking key support at 2.448%/124.30+ (Aug-21 bearish extremes) and stopping us out of our long in the process. – However, it is too early to say that the medium term downtrend (begun at the Jan-02 high at 3.049%) has run its course. – For this to be the case, bears need to see a sustained break of the pivotal 2.5m trendline at 2.476%. Until then the medium term downtrend remains intact.
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