Yields at the long end of the Treasury curve are going higher, according to directional bets in exchange-traded funds.
John Kosar, chief market strategist, at Asbury Research put two charts together to make a statement about how investors currently view longer term interest rates.
One chart shows the price of TLT, iShares 20+ Year Treasury Bond ETF, which has been declining.
The other shows the net assets in ProShares Short 20+ Year Treasury ETF, TBF, an inverse fund. Kosar point out that assets in that ETF have expanded to their highest level since January, after months of sideways movement.
"It's a bearish bet on Treasury prices. That's an inverse fund. Money is going into it over the last few days, and it's a bet that long-dated Treasurys are going down. It's a short term indicator," Kosar said.