10 Year Treasury Yield Hold Steady Below 3.00%
There is a lot to be happy about this morning after the bond market has made it through mine field of events last week that included the North Korea summit, The Federal Open Market Committee (FOMC) Meeting, European Union Announcement, Retail Sales, Producer Price Index and Real Average Hourly Earnings. The turning point came Wednesday post-FOMC after the 10 year bond yield bounced hard off 3% and never looked back. Overnight, global rates/yields are down in response to US/China tariffs and currency woes in Argentina as headlines overseas are in the driver seat and we’re just along for the ride. Strong Retail Sales and a very Hawkish FOMC statement ended up being just a small bump in the road. Right now, the 10 year bond yield is at 2.90% and retesting decent resistance between 2.89/2.91. While we may not see yields break down below that area today, the fact that they withstood the onslaught this week and are closing below 3% is a very big deal.
Courtesy of Rick Lombardo 310.435.7439, Rick.Lombardo@grarate.com, VP of Mortgage Lending at Guaranteed Rate.
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