Yields Searching For a Pre-Fed Ceiling

Although the week began in forgettable fashion, Tuesday saw yields move up at a moderate pace with no overt provocation. Indeed a quick glance at the 5-day candlestick chart leaves one with the impression that bonds simply targeted the 1.30% technical level and set their selling programs on cruise control.  While it’s early yet, yields are trying to challenge that ceiling to start the day.  Breaking above wouldn’t be the…