Rates will not soon rise, I agree, until the economy looks to be safely and surely growing. But remember, interest rates are only one element in pricing of treasuries. The other big hammer is simple supply and demand. With signs now of the economy strengthening, people will jump on the equity bandwagon pretty quickly IMHO. Demand for treasuries will fall. I bought more TBT today. I think short term we are in for a quick ride up, until the euro problem starts to affect our economy. For now, it seems pretty straightforward to me. TBT closes up 2%+ tomorrow..