The 2.40% level held
A week ago, Bill Gross was warning that 10-year yields could break 2.40%, The short-term importance of that level is obvious -- it was the July high. But Gross also warned it represented resistance at a major downtrend since the 1980s.
What happened? It backed away last Friday despite a solid job report and now it's at the worst levels since Aug 27.
The drop today broke the October low. It comes after a roundly weak CPI report.
