The US 10Y yield has made a new high in the cycle from 0.33% and should ideally move closer to the 4.83% target before topping out and start a corrective decline towards support in the 3.22 - 3.50% area. Short-term we see support near 4.20% which ideally will be able to act as a floor for the expected rally closer to 4.83%, but only a break below support at 3.97% will confirm that a top already has been seen and the corrective decline closer to 3.22% is unfolding.
