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As you all know, Powell made quite a scene with his 50 bps cut last month although, oddly, rates have been going UP lately, I suppose because of the fact that the U.S. will be healthy, prosperous, and able to pay back its debts with interest isn’t exactly something you can put in the Bible. Ultimately, though, it does look like rates are ready to roll over if the rounded top can be completed. Here is the T-Bond:

The 10-Year Treasury:

And the 2-Year, all of which are exhibiting the not-quite-complete rounded top.

Of most interest to me is the corporate bond yield, which has completed a fantastic head and shoulders top and looks ready to tumble hard.

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