Chart of the Day - Tuesday, March 3rd, 2020

Today’s Chart of the Day was shared on Twitter by Macro Charts (@MacroCharts). It's a daily bar chart of the US 10-year Treasury yield. In our Chart of the Day  a couple of weeks ago, we highlighted the fact that the US 10-year Treasury Bond was attempting to break above a key resistance level, which we said would "likely send the yield on the 10-year to fresh all-time lows." Sure enough, the 10-year Bond broke out above that resistance level, and the 10-year yield tumbled to record lows. Today, the yield on the 10-year fell below 1% for the first time ever. The speed at which yields have dropped over the past few days has been remarkable. In fact, this has been the largest 5-day decline for the 10-year yield going back to the start of our data in 1980. Macro Charts emphasizes that the move in yields is "breaking all historic records." He adds that the 10-year yield is approaching his downside objective and suggests that yields could be due for some mean reversion or a bounce in the near-term.