Long Term Interest Rates grinding Higher

Keep an eye on the yield on the Ten Year Treasury Note. It is back above the key 2% level once again. The rate peaked for this year about 2 months ago in mid March before moving lower. At that time it was a tad above 2.05%. Rates have moved 40 basis points higher in a month's time. That is quite rapid.

I find today's movement a bit peculiar to be honest because it came against the backdrop of an equity market that had first made a new all-time high before reversing lower later in the session. One becomes accustomed to seeing money flows out of bonds and into stocks and therefore, when stocks are being sold off and bonds also are being sold off simultaneously, it is a bit out of the norm.

Let's see where this thing goes tomorrow and the remainder of the week.

Incidentally, I wrote up some comments on today's price action for Eric King over at King World News. Check in there to find them a bit later this evening.