10 year is either going to get managed flat to lower through curve control or it’s going to explode higher and TPTB will lose it.

My bet is bottom trend line will become resistance in Q4 (managed under until after the election – PM’s will get temp. hit) and controls will be official during Q1 (10 yr flatlined) – uncertainty and growing negative real yields will cause PM’s to have another spectacular run.

Lot of touches on that bottom line.

Broader view.