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Real yields exploding - what's next?

The Market Ear Picture

Believe it or not, but the recent surge in real yields is the most violent move higher in real yields since people discovered the "buzzword" real yields.

Recall the move higher in real yields that started in Sep?

That move was less violent (less volatile) than what we are seeing now and led to SPX retracing some 10%. Back then we had that call tech mania that magnified the run up in indexes before we topped, so the move lower in equities had more than real yields rising to it.