Rates Explode Higher On September 21 Tanking Stocks, But Now Its Time To Watch Spreads

Stocks were hammered today as rates increased following hotter-than-expected initial jobless claims and the Fed’s less-than-impressive performance on September 20. The 10-year rate rose 7 bps to 4.48%, while the 30-year yield rose 11 bps to 4.56%.