Yields on a one-way path lower
US 10-year yields have fallen to 1.29% from 1.35% before CPI. It's an acknowledgement that the market is more confident in a transitory path for inflation.
At the same time, US equities are struggling once again after the open. I fear this is due to fund selling on worries about China or supply chain bottlenecks dragging down growth. Those are things that would also push down Treasury yields.
Technically, you can see on the hourly chart above that a series of higher lows is now being tested. The first marker on that is 1.287%, which is about 0.8 bps away now.
