The Tell: Stock-market investors are barking up the wrong tree on Treasury yields

It seems hard to believe a 10-year U.S. Treasury yield of 3% would be enough to terrify stock-market investors, says one widely followed market observer, but a fright from the rapid rise of short-term yields might be more plausible.

As you probably heard, the yield on the 10-year Treasury note TMUBMUSD10Y, +0.57% rose to briefly touch 3% for the first time in more than four years on Tuesday before pulling back. On Wednesday, the yield moved back above 3% and remains near 3.019% in recent action. Yields rise as Treasury prices fall.

See:Here’s why stock-market investors are focused on a 3% 10-year Treasury yield

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