TNX.X – 10-Year Note Rate (Last:5.27%)

Ten-Year yields inched toward a crucial ‘hidden’ resistance at 5.51% last week, giving up almost no ground following the previous week’s vertical climb. This allowed 30-year mortgages to remain firmly above 7%, and borrowing costs in general to flirt with levels that are increasingly likely to cause a recession. The stock market appears to be playing a game of chicken with the growing prospect of a downturn, or perhaps betting that Trump and MAGA’s millions will still be in charge come November 4. It is a risky bet, considering the alternative and that consequences it will have for the U.S. economy.