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This chart from today's Early Look by Hedgeye CEO Keith McCullough shows the UST30Y holding TREND support despite dropping on the week. Below is an excerpt from this morning's note:

Obviously we got all the US “Rate Cut” fans back in The Game (for a day) with Friday’s US jobs report:

A) UST 2yr Yield dropped -19 basis points on the week but held TREND support of 4.72%
B) UST 10yr Yield dropped -16 basis points on the week but held TREND support of 4.34%
C) UST 30yr Yield dropped -12 basis points on the week but held TREND support of 4.50%

You can tell those friends if they want/need “Rate Cuts” from here, they’re officially wanting a US Recession in LABOR and encouraging the Fed to INFLATE Asset Prices higher.

CHART OF THE DAY: Rate Cuts Still Out of the Picture - chart5.6

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