TBT is headed much lower before turn higher. IMO it won't start higher until Fall or Winter. I think we will see $25 or lower before move higher. That said, I believe rates will eventually move higher, but that is probably longer term. Meanwhile, TBT is not an ETF to hold waiting for a longer term event, due to decay. TBF is a better hold.
Equities continue down on soft economy. S&P 500 down to 1200 by month-end, and could touch 900 by the end of October. Bonds will be supported by those seeking "safety", what a joke. When rates finally turn, I agree with August that their movement will be rapid.
The debt ceiling is the wild card that may cause the explosion sooner.
WalMart's CEO of US Operations Bill Simon statement at the annual meeting that people are shopping for groceries following payday made an impact on me.