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The yield on the 10-year U.S. bond recently dropped from its peak of 5.36% a few weeks ago to 4.86%. Jurrien Timmer said that bonds are once again moving in an anti-correlated way with other assets, at least in the short term. He also described bonds as having significant value at the latest yield highs and suggested it is not surprising to see them act as a safe option in the current environment.
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Timmer has highlighted other critical levels in recent commentary. He noted that the KOSPI index is holding at a potential head-and-shoulders neckline. He also observed that the S&P 500 remains 5% below its cyclical trendline but above the secular trendline.