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While the dollar index has rebounded back to almost unchanged, Treasury yields, and most critically real-yields, are spiking. 10Y real yields have jumped above the critical 80bps level... (taking out early Feb highs today post-Fed)

 

To their highest since the peak of 2013's post-taper-tantrum swing...

 

Remember, a month ago, Morgan Stanley was warning that the run-up in real yields was a more negative signal for stocks than higher nominal yields. We're not there yet, but a breakout above the 80bps level -- on the back of fourth-hike rhetoric today -- would be bad news for U.S. equities.