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This week's quick spike in bond yields may be over for now but a higher level of volatility is here to stay, strategists say.
A grueling bond market rout, led by the German bund, drove interest rates to eight-month highs and yields could now trade at a new higher range. While rates could continue to rise more gradually strategists say this rapid jump may have topped out temporarily. The 10-year reached a high of 2.42 percent Thursday before slipping back to 2.33 percent.
Strategists said the selling appeared to reverse when the German 10-year yield hit 1 percent earlier Thursday. Buyers also came in when the International Monetary Fund said that the U.S. should delay Fed interest rate hikes until next year.
"The price action is keeping people to the sidelines, confused and very anxious," said David Ader, chief Treasury strategist at CRT Capital. "You get to a level, and we stop selling off. Some buying comes in and all of a sudden, the selling stops and you go the other way."