US 10-year yields range bound between 2.20% a 2.30% - BBH

Analysts at Brown Brothers Harriman noted that the US 10-year Treasury yield appears range bound between 2.20% a 2.30%.  

Key Quotes:

"Without stronger growth on a sustained basis (real rates) or upward pressure on prices (inflation premium), the impetus for significant movement may have to come from abroad.   

The 10-year futures note fell sharply in H2 16 and has spent the first five months of 2017 consolidating those gains. It has not even met the 38.2% retracement (127-09).   

A break of 125-24 warns that the bulls may be getting tired.  Ahead of next week's US employment data which will likely be solid even if not spectacular report is expected, there may be some pressure to square up, which given the positioning, likely entails the liquidation of longs."