Interest rates are not a homogenous group. As we pointed out some two years or so ago, we believe the 32 or 33 year cycle is over except that it takes a little while for this to roll through the different maturities and credit qualities. This chart represents the Lehman ( yes it still exists) long bond ETF. This is a diagonal, unmistakenly. Today Carney failed to oblige the CB clique by not lowering rates. RBC went out on a limb to recommend gold, normally a kiss of death. Perhaps we are there!