Stocks Suddenly Stumble As Bond Bloodbath Accelerates

It appears the velocity of the surge in US Treasury yields has finally taken its toll on equity market enthusiasm.

The long-end of the yield curve is exploding higher this morning with 10Y spiking above 1.50%…

And 30Y spiked 10bps to hit 2.10%…

And while we have been seeing Nasdaq underperform (rotating from growth to value), this morning has seen equities react systemically to the surge in rates…

And at the same time, the dollar is soaring…

What will happen next? As Yellen and Powell speak.