Posted To: MBS CommentaryCases are made all the time. Some of them are surefire victories from the start. Others lack the evidence required for a compelling conclusion. The bond market makes both kinds of cases and everything in between. Yesterday’s version was definitely noticeable, but it remains to be seen how compelling the conclusion might be. The case in question is the one for 10yr yields breaking (and staying) below 0.58 (technically 0.577) and holding the breakout for more than one day–something they’ve never done. Even if 10s can close under .58 today, it would really only be “day 1 of 2” because yesterday’s break occurred after the 3pm close, and even in after hours trading, yields ultimately returned above .58 by the 5pm cut-off. That said, .58 ultimately acted like a ceiling overnight…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.