Today has the dubious distinction of being exactly 2 weeks before the Fed announcement (the one that's likely to contain the official tapering announcement). While tapering seems like a bad thing for rates, the timing is important.  The most relevant precedent (2013/2014) suggests that anticipation of tapering is actually what hurts the bond market while tapering itself coincides with rates topping out and beginning to decline. 

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The only question for now is whether the bond market approaches Fed day in a sideways range or in an upwardly-sloped trend channel.  There's more of a case to be made for the trend channel recently (in fact, that's really the only takeaway in the chart below).  A strong ceiling bounce near current levels could change the outlook, but bonds would need to rally enough to break the lower yellow line. 

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