Bid farewell to the bond market bull run, because the markets are entering a phase not seen in 72 years: A rising rates cycle.
"The 36-year falling rates cycle, in our opinion, is over," Louise Yamada, managing director of Louise Yamada Technical Research Advisors, told CNBC's "Futures Now" on Thursday.
Since hitting an all-time of 15.84 percent in September 1981, the yield on the U.S. 10-year has been steadily declining. Yields hit lows of 1.36 percent in July 2016. Since then, however, it appears the downtrend has broken, says Yamada.
The next test for yields will be the 3 percent level. At that point, it will have been confirmed technically that the yields have hit a floor, and that a new rising rate cycle is in place, says Yamada.
"We're looking for 3 percent to be crossed and that will, from a long-term perspective, define the initiation of a new rising rate cycle which we haven't seen since 1946," said Yamada.