- US stocks -2.16%, international -3.03%, bonds -0.47%.
- Interest rates are up by 21 basis points on the 10-year to 4.30%. Rates were as high as 4.33%, the highest rate since 2007.
- GDPNow is tracking at 5.8%, a stronger economy is pushing up rates.
- If rates are going to be higher for longer, then the math suggests lower p/e multiples for stocks.
- Mortgage rates hit a 20-year high, 7.09%.