"The Range" can vary depending on whether we're talking about long or short term. These days, it refers to the a bit of both. The short term range stretching back to June 3rd has been limited to 10yr yield of 2.57 almost exclusively, on the low end and 2.66 on the high end. In terms of end-of day levels, that range narrows to 2.60-2.65. That's pretty narrow for 3 weeks of trading!
Additionally, 2.57 and 2.60--the two ways to look at the lower end of the range--are the same two levels that have served as the lower end of the range for almost all of 2014. Yields broke lower for only 2 weeks in the second half of May and have since returned, and with a vengeance at that!
Today's trading did absolutely nothing to change that. There were no significant events and activity was light. While early session weakness threatened to bring yields to the 2.66 barrier, markets quickly improved and haven't looked back for the rest of the day. 10's are now drifting out just over 2.60 and MBS have fared even better--currently up 6/32nds at 102-12. Until something new happens, we have no momentum and no trend for now.
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