If there's one thing that spoils the 'There Is No Alternative" party for buying 'stonks', it's soaring interest rates offering a potential alternative.

This morning has seen 10Y yields spike up to 1.29%...

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Source: Bloomberg

Sending bonds to their cheapest (relative to expensive stocks) since

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Source: Bloomberg

And that appears to have triggered some anxiety among equity investors...

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Now that stocks are paying attention to bond yields velocity, will The Fed step in?