Yields across board fell Friday after unemployment data showed positive signs with unemployment rate dropping to 4.5% from 4.6% and NFP showing slow but climbing job growth. However, markets believe yields likely to climb going forward as yesterday Jerome Powell came out with video message speaking of him being under criminal investigation, which he claimed was due to Fed’s decisions not aligning with US government’s demands. Bond markets absolutely hate institutional weakness and may punish US Treasuries for it. Accusations from Trump administration are baseless on most counts as it stands, further hurting administration’s credibility. Equity markets also likely to respond negatively to this news; some pre-market action likely today.
Key Levels: Support at 6,785.10 | Resistance at 6,987.0
Investor Takeaway: RSI at 41 below MA line with emerging MACD selling momentum; Powell’s criminal investigation claim over Fed independence threatens institutional credibility—bond markets may punish Treasuries while equities face pre-market pressure.
