Wow... 5.28% 10 year yield. All things considered, another less than 1% decline in the Dow wasn't so horrible considering that the rapid rise in bond yields will bring further havoc to real estate (housing and REITS were very ugly stock sectors today), could stop potential deals dead in their tracks and that rising borrowing costs will pressure corporate earnings.
The continued slide in the 10 year treasury came on a day when there was NO economic data. Wednesday is a different story as we face May import prices, retail sales less autos, business inventories and the Fed's Beige Book.
May import prices will be interesting as a big factor driving our U.S. rates higher is rising overseas rates on concerns about inflation in Asia including a long awaited end to deflation in Japan.