While yesterday’s Credit Suisse concerns were serious, the last official major bank failure happened 5 days ago. That’s a very long time considering the way financial markets are trading.  After all, a swift drop of more than half a percent in 10yr yields is a big deal. 

Or is it? A shorter term chart gives a distinctly different impression versus a longer term chart.  Ask the latter and we’re just consolidating in a wide range–still waiting to see if inflation and economic data justify additional Fed tightening. 

The most definitive comments on that are likely to come from the Fed itself in just under a week.
Source: Mortgage News Daily