This is where the Trump interest rate trade goes now, bond traders say

Donald Trump speaks during a rally at West Star Aviation in Grand Junction, Colorado.
Mandel Ngan | AFP | Getty Images

After ripping higher on the Trump trade, longer-term interest rates may be about to calm down for a while.

The yield is close to its high of the year, and while it could move slightly up from here, it's not expected to post a dramatic increase, a number of strategists say.

Postelection, the yield moved quickly to 2.30 percent, and now has been consolidating in a zone between 2.30 and 2.36 percent. The immediate move higher shook the rates world and sent home mortgages above the psychological 4 percent.