US 10 year yields not only above 3%, or 3.10% but now 3.20%. We have had the biggest one-day rise in yields since the election of DJT. We've had the biggest one-day fall in EM equities since the Brexit-induced scare of 2016. And the S&P500? Oooh the biggest fall in... a couple of months.

Weren't higher yields supposed to be a portent of doom? Certainly Emerging Markets are now bearing the brunt . . .

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