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It would take Yellen or inflation to break out of this trading range

Janet Yellen
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Janet Yellen

The 10-year yield is stuck.

For the entire month of August, the bench mark Treasury's yield has pretty much stayed between 1.50 and 1.59 percent.

"It's very odd. There's a tremendous amount of nervousness and skepticism, but behind that is a lot of complacency, and everybody feels there's a central bank put," said Andrew Brenner, global head of emerging markets fixed income at National Alliance.

This is what it would take to break the range.