When bond yields began spiking abruptly after last Friday's jobs report, one of the immediate saving graces was the fact that the late January highs were still a fair amount higher.  Then on Monday, "fair" dwindled to "microscopic" after the ISM services data and additional snowball selling.  10s stopped just shy of 4.18%, effectively right in line with the 4.196% from January 19th. In addition to being the 2024 highs, 4.19% (or close to it) was a frequently visited ceiling 2 weeks ago.  This is the way "key levels" are identified and today's trading is only adding to the case.  10s topped out at 4.17% overnight and have been making steady progress lower since then--all the in absence of any major fundamental motivation.

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