On May 4, 2024 it was noted that Futures Traders were still waiting for a decline in rates and that it would be generated by the bond market, not the Fed. Since then, the 10Yr Note rate has dropped from 4.52 to 3.88 without a Fed rate cut. Futures trading data continues to confirm the 10Y Note rate is expected to decline. The mid-August 2007 and 2024 10-Yr Note rate structure positioning is in alignment, along with the Dow and S&P500.
Stock charts are courtesy of StockCharts.com.