I got an interesting email from a Sloper (who has given me permission to share his charts). He pointed out that looking at interest rates over the long term had cracked their descending trendline.
He realized, however, that he was using an arithmetic scale. As you probably know, I use log scales for everything under the sun. So he tried that approach, and voila, the interest rates obediently track lower beneath that trendline absolutely perfect. All of which lines up nicely with the notion that interest rates are heading lower from here, not higher.