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Bonds fall as USD/JPY “rate checks” raise speculation
The drop came while the 10-year yield stayed just under 5.0%, near levels seen Tuesday afternoon before the Fed day.
Mortgage News Daily reports that bonds sold off “medium big” on Friday with limited overt explanation.
The outlet points to reports of “rate checks” in the USD/JPY market, which can sometimes precede selling U.S. Treasuries to buy yen, noting that there were no reports of actual intervention, though it could surface later.
Mortgage News Daily says the market focus should remain on the fact that 10-year yields still held under 5.0%, albeit just barely, compared with levels around the Tuesday afternoon mark before Fed day.
Latest closeUSD/JPY 157.92 ▲0.3%