Where do 10-year yields belong?In the past year, they've traded from 3.7% to 5.0% as the market struggles with questions about future inflation and interest rates. The mid-point of that range is 4.35%, which is a tad below the 4.49% currently.Yields rose 2 bps today after weaker demand at a Treasury auction led to a 0.9 bps tail. That follows a stronger three-year auction yesterday and leaves the market waiting for more data.There isn't much to watch for this week but next week we get the latest CPI report. It follows a string of higher-than-expected releases to start the year that has contributed a large portion of the run-up in yields. Lately though, there are signs of softening demand an
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