Something is breaking in the bond market. Most people haven't noticed yet.

Something is breaking in the bond market. Most people haven't noticed yet. The interest rate on the US 10-Year Note just jumped above 4.59%. We haven't seen these levels in about a year. Even crazier, the 30-Year Treasury yield hit 5.12%. That's the highest it has been since right before the 2008 Great Financial Crisis. And it's not just the US. In the UK, the 30-year bond yield hit 5.85%. It's the highest level since March 1998. Kevin Warsh is seen as more hawkish than Powell, meaning he's more likely to raise rates or hold them high to fight inflation. The bond market knows this. Bonds are the real engine of the global economy. When they break, everything else follows.