Treasury yields surged through last week, but Cornerstone Macro's Carter Worth says this might be as good as it gets.
It's Fed week once again, and the bond market is anxiously anticipating the central bank's decision on whether or not to cut interest rates.
"One thing we know is that there is a fairly well-defined level where there was equilibrium, from which, of course, rates collapsed and we hit 1.45%," Worth said Friday on "Worth noted we've seen a ricochet back to the low end of that range of equilibrium, but yields have a long way to go before they break the downtrend that has been in place since October. Rather than the end of the decline in yields, Worth thinks there is even more pain on the horizon.
So, if Treasury yields are about to fall, that should mean that bond prices are about to rise. Similarly to the downtrend in place for yields that has yet to be broken, the– despite selling off last week – is still above the uptrend that has been in place for most of the past year.
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