Why the ten-year's hitting 3.25% has spooked asset markets

This is how Fed tightening regimes work

We're bracing for another big sell off in equities today. I don't know if you saw my piece yesterday on market groups breaking below 50- and 200-day daily moving averages. I said "I don’t have a view on whether this is important. But the technicals are weak."  For me, this is part and parcel of a late-cycle Fed tig…