had been trending
Past perfect progressiveconjugation oftrend.There are other translations for this conjugation.

trend

For example, 2y yields in the US had been trending higher since the 'taper tantrum' in 2013 and this accelerated in 2015 as the likelihood of a hike in US short rates became greater.
Por ejemplo, las TIR a 2 años en Estados Unidos mostraban una tendencia al alza desde el taper tantrum de 2013, que se aceleró en 2015 al aumentar la probabilidad de una subida de los tipos de interés estadounidenses.
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