Friday’s powerful thrust was global, and it put rates on the U.S. Ten-Year note on course for a run-up exceeding 5%, the highest they’ve been in nearly two decades. It is market forces driving the rise in yields, and although Trump may be able to convince some that the consequences will be short-lived, this can only create a credibility problem for him as mortgages head toward 7%, or perhaps even higher.  The highest 10-Year rate I can project beyond the 5.09 ‘D’ shown in the chart is 6.075% on the monthly (A=2.52 in Aug 2022). That would be hard to square with the very deep recession that would occur long before it costs The Guvmint (i.e., taxpayers) that much to borrow. _______ UPDATE (May 23): The long-term chart shows how the 6.075% target identified above was derived. There is so much thrust in this picture that the target seems likely to be achieved. It’s hard to imagine how the U.S. economy could avoid seizing up under the burden of rates that high. In any event, the rally faces crucial resistance at the 4.839% midpoint Hidden Pivot (p) shown. I expect it to be decisively breached because the corrective retracement begun from the 5% top in October 2023 failed three times to reach its ‘d’ target at 3.675%.  In the Hidden Pivot system I use to predict price reversals and gauge trend strength, the rule is that strong trends tend to produce weak countertrends. Thus, the failure of a correction to reach its D target usually means the dominant trend is likely to continue.