Starting on September 11th (a week before the FOMC decision) the 10-year Treasury rates started to increase. I was a bit hesitant to make any changes to my expectations before the Fed Funds decision, but after yesterday and today’s action, it’s time for me to get on board with a bias towards higher rates on the 10-year. In my last Market Forces article, I talked about the failure of support at 4.5% which ended up happening. So while I am expecting a continuation in higher rates at the long end of the curve over the short term, the next time we reverse course I’ll be worrying about a retest of 4.35%