One might think manipulating yields on the Ten-Year Note would be beyond the reach, even, of Donald Trump and those who serve him in the shadowy corridors of financial power. And yet, each time the interest rate moves in earnest toward the psychologically hazardous 5% level, it swiftly retreats as though blocked by some unseen force. With the national debt creeping up on $40 trillion and the financialized, high-leverage economy going gangbusters, there is no logical reason why long-term rates should not continue to waft higher instead of stumbling and tumbling as they continue to do. A crucial test is not far off in any case, since a breach of the 4.58% ‘p’ support shown in the chart that was narrowly avoided last week is still an imminent possibility. If it happens, that would signal downforce capable of pushing rates to the 4.42% target shown. It would provide a breather for a badly overheated economy in which borrowers are in desperate need of respite. _______ UPDATE (Aug 15): Rates on the Ten Year Note ended the week marginally higher after aborting a downtrend that might have offered borrowers, including the U.S. Government, a hint of relief. They were ascending toward the 47.13 Hidden Pivot resistance shown here, but it will take an energetic push past it to suggest there’s power enough to get to 5%.