In a positive technical sign for bond bulls, the U.S. 10-year Treasury yield has formed a so-called death cross pattern. This occurs when the 50-day moving average crosses below its 200-day counterpart. While many traders are skeptical of its relevance, others argue it presages further weakness in the benchmark yield. “It should indicate long-term yields will continue to head lower as we move through the first quarter,” wrote Miller Tabak + Co. equity strategist Matt Maley, in a note to clients.

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As The Fed continues to unwind its balance sheet, 10-year Treasury yields, on average, have been falling (not rising).

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