Yields finding resistance?
As the price action falls out of the trend regression we will find resistance at the lower channel. We also have a nice converging triangle. The price could break up or down of the triangle but for the near term my preference would be to fade rises in yields.
Coming into a FOMC meeting we can expect a "wait and see" market today followed by volatility during the discussions and release of notes. Also keep in mind the longer-run dot plot which last time I checked sat at 2.5%... it's common for yields to visit those levels on the longer end when they have been far away form it for a prolonged time. So don't rule out weakness in the bond market.
Coming into a FOMC meeting we can expect a "wait and see" market today followed by volatility during the discussions and release of notes. Also keep in mind the longer-run dot plot which last time I checked sat at 2.5%... it's common for yields to visit those levels on the longer end when they have been far away form it for a prolonged time. So don't rule out weakness in the bond market.
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