Quotes from BofA Merrill Lynch:
- We remain treasury bulls, looking for 10yr yields to make a push into 1.612%/1.540 (Lows of May'13 through Sep'12) before greater signs of a base emerge. This view is invalidated on a break of the 2.150% Dec-01 low.
- Above here points to a turn in the medium-term trend from bullish to bearish, targeting 2.34%/2.44% and likely beyond. However, until that happens, stay bullish here.
- Bears need a sustained break of 2.10%/2.11% to indicate a near-/medium-term turn in trend. Until then, stay bullish for a push toward 1.62%/1.540. Below 1.953% says the bull trend is resuming.
