Have Interest Rates Peaked?

Check out this weekly chart of the yield on the 10-year U.S. Treasury bond.
Sure looks like interest rates peaked around the middle of June. The data we've discussed in prior posts is backward looking and at best is confirmation of our views. Markets, on the other hand, tend to be forward looking. We believe this change in Treasury yields is an important indicator of a more favorable interest rate environment going forward - an important positive factor for the stock market.