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The 10-year yield traded in a wide range Tuesday, and may have found a near-term bottom

The 10-year Treasury yield traded in a large, volatile range Tuesday, and possibly has found a near-term bottom, strategists say.

The yield was at 2.71% in afternoon trading, coming off a low of 2.52% at about 8:30 a.m. ET, according to Wells Fargo’s Michael Schumacher. “For me, looking out over the next few months, to the end of September, I think yields are a fair amount higher than they are today,” he said. Yields move opposite price.

“I think it probably has bottomed,” he said, noting the yield could return to the year high of 3.49%.

Greg Faranello of AmeriVet Securities said separate comments Tuesday from San Francisco Fed President Mary Daly; Chicago Fed President Charles Evans, and Cleveland Fed President Loretta Mester all reinforced a hawkish tone. That helped yields move higher, as did a report that House Speaker Nancy Pelosi’s plane landed safely in Taiwan earlier today.

“There’s been a little bit of geopolitical nervousness,” said Faranello. He said Fed officials are pushing back on the view of some investors that the Fed will soon pivot from its hiking policies.

“Even Daly, who is a bit of a dove, says we’re nowhere near done,” he said. “The Fed speak has been 110% unequivocally bearish. There’s not even a doubt in my mind.”

–By: Patti Domm