The 10-year yield spiked to 5.34%, the highest since 2002, with the 30-year also hitting a fresh 24-year high. Inflation, Fed policy, heavy issuance and global rate pressure are all pushing long-end yields up.
Take: This is the pricing anchor for everything. Until the long end backs off, equity multiples, mortgage rates and corporate credit costs all get repriced — no risk asset is immune.