CNBC's Rick Santelli reports on the latest news regarding bonds.

Global bond yields have decreased, particularly in longer-term maturities such as ten- and thirty-year bonds. The decline is attributed primarily to trading activity and short covering, rather than a shift in economic data or central bank policy expectations. 

Despite stronger US economic data and an upcoming Federal Reserve meeting that is not expected to be particularly dovish, yields have continued to fall for several consecutive sessions. Additionally, political developments in Japan, including a ruling party election loss, have not significantly impacted currency or bond markets, with key government officials expected to remain focused on trade negotiations.

Global bond yields come under pressure

Rick Santelli will joins us now with more in the bond report Rick. I'll ask you what I asked someone last step Why are global bond yields lower today? You know, I think they are lower today just from the standpoint of a trade and I think that it's not necessarily going to be the stencil for all the activity coming forward and there is some notion that the Fed meeting that's next week Most likely isn't going to be very dovish. So it really in my opinion It's just a trade and what's really strange is that the long end is leading the way and the long end Normally is more stodgy with regard to giving up yields considering the global debt situation Look at a two-day of twos and tens and thirties will be the same way If not bigger the longer the maturity the bigger the move to the downside today So you're down about three basis points in a two-year you're down double that down six in a ten-year Add another basis point and a half on the 30-year now if we consider What is the driving force here the US has stronger data, so it really doesn't add up as much But what does add up is short covering and I think that has been a bit of a driving force This may be the fourth consecutive session ten-year yields close lower and when did it all start? We'll open the chart up to June notice that four and a half percent We came very close to that intraday last week And as you can see on the chart that is very good technical resistance And finally if you look at the dollar yen today knowing that the ruling party lost an election Supposedly that was going to be negative because maybe some of their fiscal prudence will go out the window But what's really happening is it's more about the Prime Minister and other key government officials Going to stay on and work on the US trade deal despite that ruling party loss So look at the dollar verse the yen going down in the 24-hour chart and on a technical perspective This starts on Liberation Day right under 150 dollar yen there seems to be a lot of resistance you want to pay attention to that level

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