Treasury yields have resumed their upward ascent and the 10-year T-Note yield appears poised to move toward 2.0%. I saw a study this week from Joe Kalish of NDR that suggested such a move would put further downward pressure on the NASDAQ 100 (to the tune of a 20% peak-to-trough decline). Joe’s analysis tends to be pretty astute, so it’s something to think about even if you don’t come to the same conclusion. Another thing to keep an eye on: if these new highs in Treasury yields are going to be sustained, the yields around the world are likely going to echo the move in the US. Right now, yields in both Germany and Japan are shy of their late-February peaks (0.17% for the JGB and -0.26% for the Bund).
