DJ Treasury Yield’s Decline Hinging on Minutes

The 10-year Treasury yield falls to 1.29% before bouncing back to 1.32%, levels not seen for decades before last year’s pandemic-driven slide, as markets wait for the Fed minutes. The slide is overblown, Spartan’s Peter Cardillo says. “While worries over the Covid-19 Delta variant are mostly behind the decline, we think this leg downward is grossly overly done,” he says. “In fact, any hawkish comments in today’s FOMC minutes will likely reverse the downward trend that we believe is unwarranted at this time.”