Bond yields have remained range bound over the past four months. Through the first two months of the third quarter, bonds continued their rally. The 10-year Treasury started the quarter yielding 2.31% and by 8/31 had fallen to 2.15%. Yields reversed course during the last month of the quarter with the 10-Year Treasury hitting 2.46% on 10/26. Since then, yields have fallen with the current 10-Year yield back to where it started at the beginning of the 3rd quarter at 2.32%.

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