Bonds Are Getting Smashed

10-year U.S. Treasury yields have risen to their highest level of the year this morning following a big upside surprise from the consumer confidence release.

Right now, they are trading around 2.10%, but moments ago, they hit a high of 2.11%.

Brean Capital head of rates Russ Certo says yields above the 2.10-2.11% area lead traders into a “technical vacuum area” to almost 2.25% on the chart.

10 year treasury yield

The chart below shows how 10-year Treasury futures ran into some big selling this morning and are getting slammed following the consumer confidence release at 10 AM.

10-year treasury futuresClick to enlarge

Right now, 10-year Treasury futures are down 0.5%. 30-year Treasury futures are down 1.0%.

Last week, Goldman strategists declared the latest sell-off in bonds “for real” this time.

This morning, at least, it seems like the bond sell-off is on.

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