Which is all about perceived potential future increases in inflation.
Since the end of June, the yield on the 10-year Treasury is up (in percentage terms) 12.8% over where it was on June 30. It’s gone from 3.86% to 4.33%! (I know, a percentage increase in a percentage yield gets kind of confusing). Since the beginning of September, a significant part of that increase has occurred. The investing intelligentsia conventional wisdom is, when the 10-Yr Treasury is above 4%, -it’s tough sledding for our markets. We’re feeling the tug of interest rates.
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