This chart could hold the clue to the next big interest rate move

Bond traders at CME Group
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With the decline in interest rates perplexing to some, it may be time to look at the charts for guidance.

Since the Fed raised rates on March 15, the 10-year yield has done nothing but go down.

It fell from 2.62 percent March 14, to a low of 2.31 percent early Tuesday. The Fed clearly has more influence over short-end interest rates, but all rates might be expected to move higher across the curve, or at least hold steady, with the Fed in hiking mode.

Strategists say the 10-year has been trading in a range, with the potential to break higher — above 2.63 — if Washington makes progress on pro-growth policies, or very strong economic data. The 10-year could also dip below its current range, 2.30 percent, on signs of more gridlock in Congress or weaker economic reports.