The 5s Bonds Curve Is in a Sloped Trading Range

The 5s bonds curve is in a much steeper trading range than we have seen for quite some time. It's also notable that the recent price action did get 10 year yields as low as 325. The most recent data from the Japanese Ministry of Finance showed two consecutive weeks of net selling out of Tokyo which is an interesting start to their fiscal new year. Next week's beige book comes an hour after the 20 year auction.