Last week’s rally ended with 10-Year rates sitting just above a midpoint Hidden Pivot resistance at 4.38%. If Monday’s close is above this number as well, that would portend more upside to D=4.63%. This would be bad news for all who owe dollars, a class of businesses and individuals whose size is almost beyond imagining and which includes commercial real estate developers who have been hanging on for dear life. It will also put further pressure on bullion, which has faltered in recent weeks. If there’s a silver lining, higher rates will also constrain our elected representatives in Washington from spending like drunken sailors.