The 10-Year Is About To Hit 4.8%. When Do Stocks Finally Care?

When do rates start to matter?

The US 10-year is pushing toward 4.8%, the Fed hiking debate is suddenly back, and yet equities and bond vol remain remarkably relaxed.

Higher yields alone don't necessarily break equities. The bigger risk is when the move becomes fast and disorderly. With the 10-year approaching a key level and MOVE still subdued, that is increasingly the setup to watch.