US 10-year yields rise above the February high

That’s trouble

US 10-year yields are up 4.5 bps to 2.955%. That’s fractionally above the February high and sure to cause increasing jitters in broader markets.

There is some hefty resistance above with the 3% psychological level and the 2014 high of 3.05% in view. I somewhat dismiss the latter because it came right around year-end when liquidity is a mess.

There is some major disbelief that yields can continue to rise… which reminds me of some axioms about markets doing whatever causes the most people, the most pain.