Rising Rates And Rising Fear

5% next?

US 10 year surging post payrolls. We are now "decisively" above the range, and there is no real stop until recent highs around 5%. The golden cross we have been pointing out for weeks is well in place. Last time a similar cross occurred, the 10 year gained some 125 bps over a few months. We are up around 70 bps since the latest golden crossed kicked in.