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Below is a brief excerpt transcribed from Friday's edition of The Macro Show hosted by CEO Keith McCullough and Director of Research Daryl Jones.

McCullough: A Monster #Quad2 Move In Rates - one2.19

The 10-year yield – again and again and again. I guess I’m just going to have to keep saying it.

1.31% is, of course, a new cycle high.

At first rates go up slowly, and then all at once. In conjunction with that, we also have a new cycle high in the steepness of the yield curve.

For those of you who are new to the show, or new to watching cross-asset classes – you take the 10-year yield, subtract the 2-year yield, and you get 120 basis points wide, which is where we’re at now.

And that’s a monster move.

Again this follows the 22 basis points move along the long end of the curve in the last month alone.

 McCullough: A Monster #Quad2 Move In Rates - two2.19

As you can see on that chart, what’s interesting here, and maybe the Bitcoin Maxis didn’t know this, but now they will (and we do have a lot of Maxis who are quite happy to understand the cycles).

See that red line? That was the end of the Quad 4 debate back in September.

Then yields started to go up slowly; and then in November when the data clean cut across the board, from both a U.S. and a global perspective, it became #Quad2.

Then interest rates just went up and up and up.