US 10-year note futures are up 11 ticks but to 130-20 but have backed off from the earlier highs after breaking the November 1 high at the open.

In the cash market, trading is light but the 10-year note is indicated down 4.3 bps to 1.64%.

It’s an ominous break if it can hold through the day because there isn’t much support/resistance and it’s tough to see coronavirus fear fading any time soon.