10-year yield – hitting a new cycle high.
Were you sitting there freaking out about breakevens, or this or that strategist’s target? I didn’t have a target, I just said yields were going up. Higher, higher and higher.
We had economic data this morning.
In this morning’s Early Look note, I went through all of it – the growth piece, earnings piece, and the inflation piece.
Look at earnings, 5.5%, a new cycle high. ISM Services yesterday, new cycle high.