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The yield on the 10-year bond has almost doubled since last summer.
This interest rate rally has taken place after the Morgan Stanley Commodity Related Index (CRX) bounced off support on the pennant pattern below. The rally in rates has put recent downside pressure on the home builders, as they are down 20% in the past 90 days (see post here).
Joe Friday: "This breakout of the pennant pattern above could well give even more concerns to the Fed and the bond markets that could push interest rates even higher."
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