In our opinion, the US 10s are one of the keys to whether equities can add to their impressive gains since April. While they remain firm (yield lower), things should remain on track. While the US 10s can remain around 4.0%, or ideally lower, they are unlikely to derail the bull market and can actually add a tailwind if they push down towards 3.60%.
- We are targeting a retest by the US 10s of the 2024, 3.6% low.
MM is cautiously bullish towards US 10-year Bonds (yields lower), short-term
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