US 2-year yields are up 22.5 basis points today as they smash through the old top of 4.36% and hit 4.50% for the first time since 2007.
It's really tough to make the case for owning equities in this environment when you can get 4.5% risk free for two years, particularly when so many baby boomers are retiring.
Moreover, the cost of capital is quickly rising to prohibitive levels for any kind of productive investment.
