Although my long-term forecast still calls for a drop in 30-year interest rates to 1.93%, the deflationary path to this threshold has been tortuous. In fact, rates on the long bond have climbed from a low of 2.3% in January to a recent peak at 3.2%, and they’re still not done. The chart shown suggests they could hit 3.4% before the cycle is maxed out. Because it’s possible the downturn will come from a lower threshold, I’ve noted two other Hidden Pivot resistance points in the chart. They correspond, respectively, to a rate of 3.23% or 3.32%.