10-Year Yield Breaks Out

10-Year Yield Breaks Out

US equities continued to gain ground in May, with the S&P 500 Index advancing an additional 4.5%. However, Treasury yields have been remarkably stable since the equity markets bottomed on March 23, with the 10-year Treasury yield trading in just a 16 basis point range during the entire month of May. That all changed this month, as the benchmark yield broke out of its range, moving 30 basis points higher to 0.96% in the first five trading days of June.

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