The Treasury 10-year yield is on the verge of breaching a downward trend line that characterized the bond bull market for decades.
Since the 1980s, the benchmark yield has pushed up against the long-term trajectory in 1990, 1994, 2000, 2007 and in late 2018, only to reverse course and head lower. The test is resuming after the recent selloff pushed 10-year yields above 2.40% on Wednesday, from 1.51% at the end of last year.
