This (22.

84 bps) is the tightest 58 day range for the 10yr looking back to 1990 based on highest to lowest close. ighest close on 4!2!2014 (2.8045) and lowest close on 2!"!2014 (2.5#$1). %ooking back at si&ilar instances in the past' we find that there ha(e been 12 ti&es since 1990 where the 10 yr yield has been in a range of "0 bps or less for a period of 58 days or longer. The below tables co&pares what happened 5'10'20 and "0 days after breaking fro& the top and botto& of the range. There were a total of twel(e instances' with 5 breaking the botto& of the range and # breaking the top. Bullish breakout (break bottom of range):

)reaks thro*gh the botto& of si&ilar tight ranges ha(e seen follow thro*gh 10 days later' with yields falling in all instances by an a(erage of $ bps. +ields were still lower $0, of the ti&e 20 and "0 days later. Bearish breakouts (break top of range):

)reaks thro*gh the top of si&ilar tight ranges saw yields higher #1, of ti&e 10 days later by an a(erage of .9# bps.