Rates Pop in Delayed Reaction

Rates finally popped after testing the 3.15% level on the 10-year. Not sure what news occurred to cause this quick rise. I was surprised that it didn't occur earlier with the jobless claims data (slightly improved over last week) and the LEI, see linked story.

While no news looks particularly bullish in my book, I've been amazed at the spin the tv people have been putting on the market. Seems that all of the market rally has been based on 'less than catastrophic results.' Anyway you look at it, it's still pretty ugly. I can certainly see stocks getting back down to test the lows and probably breaking through. It's interesting though that interest rates are beginning to move away from the spin and are starting to reflect the market realities of increasing debt issuance with no end to more spending.