US Yields: Downside break - BBH

The US 10-yield was a largely 2.80%-2.90% range from early February through late-March and nearly everyone was expecting a break to come to the upside, but it has come to the downside, points out the research team at BBH. 

Key Quotes

“The yield reached almost 2.70% at the start of last week and climbed to nearly 2.84% before falling back ahead of the weekend.  The yield still rose on the week (four basis points), for the first time since the first full week in March.  However, it closed below the 2.80% old floor.  The June note futures contract held support near 120-16 and looks set to rechallenge the recent high near 121-12.”