We’ve had a 4.75% target for the 10Y for almost 2 years – reasoning that the breakout in oil/gas prices would eventually force inflation and interest rates higher [see: The 10Y Breaks Out] and equity prices lower. 
Sure, the Fed was able to postpone it with the usual misleading jawboning. But, the bill has finally come due.
Higher interest rates, coupled with high energy, housing, and grocery bills and the resumption of student loan payments, present a considerable challenge to the American consumer and economy alike.
Now that the 10Y has reached our target, what does the future hold?
Can the damage to stocks be limited to just a backtest of the 200-day moving average?
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