Many of our charts in the interest section display the seasonal trends of interest rates not bond prices. The two are inverted. Rising interest rates mean falling bond prices, when interest rates fall bond prices increase.

Our interest rates charts – as well as all other price charts – show prices on a relative basis. A 5% bond price increase represents an interest rates increase of 7% to 7.35% (7 * 1.05 = 7.35; not 7+5!). That may look small but it actually means a significant decrease in long-term bond prices.

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