Believe It Or Not, The Treasury Market Stands At A Dicey Level

Any further rise in the US 10yr yield will signal a change in trend for long-term yields

• The nice rally in the stock market was another “narrow” one yesterday, but that has been the case for much of the two-year rally off the 2022 bear market lows. So, it’s not raising many concerns.

• That said, the yield on the 10yr note is testing a key level. If it rises much more (at all), it’s going to signal a change in trend for long-term yields. That just might create some headwinds for the broad stock market…and it will almost certainly have an impact on the interest rate sensitive stocks.