For around 30 years US government bonds have been in a major bull market, which means that interest rates have been falling. The yield on the 10-year note made a low in July 2012 at around 1.4%, however thanks to the recent breakout above major overhead resistance it is looking increasingly likely that the multi-decade bull market in US government debt has come to an end.
A 5 year (daily) chart of the 10-year Treasury Note Yield (Click on the chart for a larger version)
Chart courtesy of stockcharts.com
Bond prices and bond yields move in opposite directions, and for about the last 30 years US government bonds have been in a long-term secular bull market, which means that interest rates have been falling.
However, if the multi-decade bull market in US government bonds did indeed come to an end last year, it means that we have now entered a period in which bond prices will fall and yields (interest rates) will rise. Perhaps for years, or even decades.