Once again, stocks and bonds were largely flat in the overnight session and domestic trading begins with both sides of the market close to yesterday's latest levels.  For bonds, that means yields remain well-within the two ranges discussed in yesterday's commentary.  The first is the actual (sideways) range that we've been following for several months.  While it's been tested a few times, .58 and .74 are the easiest levels to make cases for as a floor and ceiling.

The other range refers to the most recent trend we've been following, marked by the teal lines.  


Even if bonds start looking more eager to move up and over the upper teal line, they'd need to break the .74% ceiling before we'd be too concerned about a big picture shift.  Such shifts are most likely to be informed by the ever-evolving covid statistics in various hotbed states along with the respective economic responses.  With California just reinstituting lockdown measures and with any 4th of July spike in case counts yet to fully occur, bonds may not be going anywhere too soon.