The economic data calendar is relatively light in the world's largest economy this week, which comes as a welcome break after the previous week's packed schedule.
However, the focus remains on Treasuries. Two Mondays ago, 10-year U.S. yields surpassed the 5% mark for the first time since the Lehman Brothers crisis. As of now, they have retreated and are trading below 4.60%. This dramatic reversal can be attributed to a series of events that favoured bond markets. It all started with the November refunding announcement and culminated with a payroll report that was softer than expected, driving a bond rally.
bond market shows definitive s signs of moving out of selling the news and buying the facts, for this “everything rally” to extend,” it might depend on the initial market's reaction or a bond bullish bid-to-cover ratio to the actual auction results. However, the sudden and significant drop in 10-year yields last week implies that buyers may struggle to price fair value now, as bonds are rich compared to recent levels.
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