Yields down but still in range

US 10s

The picture of the S&P 500 isn't pretty today but when you look around for confirmation, it's not easy to find.

The most important market in the world is US 10-year notes and yields are down 6.6 bps today, which is a good-sized move in this era. When you look at the chart though, it's hard to even pick out.

We're inside the recent range and don't look to be going anywhere fast. The direction of today's move (unlike Friday's) certainly fits with an overall risk-averse mood but it's not flashing a bigger warning signal in the way it was in late June when delta was kicking off. Then again, with rates being constrained, maybe the absolute level matters more than the direction.