Today's Bond Market Action

10-Year: Up 11 basis points to 4.59 Percent
30-Year: Up 11 basis points to 5.08 percent
5-Year: Up 9 basis points to 4.16 percent

Technical Disaster

The lead chart is a technical disaster. Short-term resistance is only 10 basis points away at 5.18 percent.

Next resistance dates all the way back to 2007 with a peak at 5.44 percent.

Rate Cuts Priced Out

The bond markets has now priced out rate cuts for June and July.

A month ago, the odds of at lease on quarter-point rate cut for July were over 98 percent. Today, the odds are 28.8 percent.

What Happened?

The short answer is total fiscal irresponsibility by Congress and Trump, plus tariff madness by the President.