The 10-year Treasury yield is near 5.18%, the highest since 2007.
The S&P, Nasdaq and Dow are all holding near record highs.
Hotter inflation has markets bracing for the Fed, not rate cuts.
Resilient earnings, the AI boom, and a fear gauge under 15.
Both signals cannot be right forever. Something has to give.
The 10-year yield is the tell for the market’s next big move.