Today's early trading range for the bond market was anyone's guess yesterday afternoon. Sometimes overseas markets have a different reaction to US monetary policy and momentum ends up building in one direction or the other.  In the current case, the first part of the overnight session was remarkably calm and boring.  The 2nd half was moderately stronger for bonds and that strength is sticking around so far in early domestic trading.

Yields are currently right in the middle of the very flat 7-day range between 1.52 and 1.62.  

20211104 open.png

There's an intermediate pivot point just under 1.58 that's been providing some support over the past 2 days.  Breaking up and over that would be more significant than any other random level.  On the offensive side of the field, moving past 1.52 is the big challenge.

20211104 open2.png

Today's data is already in the books with Jobless Claims setting a post-pandemic low of 269k.  Even then, bonds didn't react.  The policy announcement from the Bank of England (BOE) has been more of a market mover.