I cut my short 10-year note and long bond treasury futures positions in half this week. It seems we are at an emotional extreme around fears of a rate increase.
This is about where we were last month with fears of a rate cut.
I'm still buying the argument that we are in a trading range on the ten-year treasury yield from 4.7% to 5.25%. But if we do get a break out, it will be towards higher rates (lower bond prices). That's why I still have half my short position on.