The 10 year treasury seemed poised to break the stingy resistance of 2.1% today until S&P stepped in with their credit watches on Europe. These credit watches brought stocks and rates back down under key break out levels. The fact that S&P downgraded European countries on a day when European bond rates actually traded down very significantly shows their record has been and continues to be very poor. Yet the market still did move down on S&P downgrading Europe so those who want rates to stay low can rest easy knowing they are still in this historically low range.
The steep fall off is the S&P announcement.