The bull is taking its time consolidating for an upthrust to the 4.82% target shown in the chart. The process could include a dip to x=4.48% that would trigger a theoretical buy signal. Although we do not actually trade this vehicle, such a signal could be easily leveraged using TLT or T-Bond futures. But it is more the implications that interest us, since higher rates will tend to make nearly every economic challenge each of us faces more difficult to cope with. Gold will remain under pressure, and many tens of trillions of dollars of debt reckoned in dollars will grow more costly for borrowers to service. Imports would be cheaper, but the relief that would bring to beleaguered consumers would be negligible compared to so many other factors that have been making life increasingly expensive.  Our new Fed chairman thinks inflation might be moderating, but he knows a good deal less about this than a housewife tending to the needs of a family with children.