Very Instructive (not fin’l advice dyor)

So…now that everyone has fully read and understood the messages for pretty much the past 3 months here, which has been “Stocks for show, bonds for dough.” If you have missed this theme in this Substack, please scroll down to prior updates, and then return.

It has been here the entire time: the single most important number to global financial markets is the US Treasury 10-year note yield. I cannot even name what is in second place.

Today, that went up by 12 basis points = 0.12%, from 1.91% to 2.031%.

Stocks didn’t love this. S&P -1.80%.

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