For those with a background in waves you will know a 4th wave typically does not retrace more than 50%, in this case 2.55%. Anything above here will question the possibility of a bottom already being placed.
The rise in yields since March has looked impulsive so far which can be early hints and signals that a further move higher is coming. The only level in play...
It is very clear from the monthly chart here that this has been an uptrend for some time now. The 2 year yields have started to see some widely anticipated profit taking just shy of the 2.618 extended target for the 3rd wave.
The market has since retraced and held the 23.6% in a corrective 4th wave process.
Time to start paying attention to yields again for 2019.