Bond markets are frozen:

The 30-day trading range for the 10-year note yield is down to 8 basis points, the tightest since 1972.

This metric has declined -100 points since April 2025, when the 10-year note yield posted its largest 3-day increase since 1982.

By comparison, the 2008 Financial Crisis peak was ~175 basis points.

At the same time, the 30-day range for the 30-year Treasury yield is down to 9 basis points, an all-time low.

30-day volatility for long-term bond yields has dropped -80 basis points since April.

The bond market is ripe for a big move.