With the war in Iran continuing in a kind of stalemate, the sharp reversal in the interest rate outlook appears to be driving the current downtrend.Only one month ago, the question was how often the Fed would cut rates this year; now, it is how often the Fed will hike.According to CME FedWatch, rate traders have priced in a 40% chance of a 25-basis-point rate hike by year-end, a 9% chance of 50-basis-points, and now even a 1% chance of a 75-basis-points.On the long end of the curve, the U.S. 30-year Treasury Bond yield is at 5.14%, its highest level since July 2007.