Louise Yamada discussing her long range thinking on interest rates and bonds. She is explaining exactly what I've been saying about the interest rate cycle and how rates can't get lower than zero on the short end. That means rates can only go up, but the bottoming process can take a while.
She is an expert Technician and points out the same H&S pattern that I have been pointing out for quite some time in long bonds:
Here is the chart showing the interest rate cycle, rates peaked in 1980 and are now effectively zero: