BofA: "Every Single Time" This Happened In The Last 40 Years, A Crisis Hit Markets

It is rare to have an indicator that works every single time; this is one of those rare instances.

That is the warning from Bank of America's HY Credit team as rates surged back into play in a big way last week.

Specifically, the 10yr UST back over 4% for the first time since Feb; the 2yr touched on 5.12% - the highest level since June 2007. In the UK, the 10yr has breached 4.64% level – the peak achieved during the LDI crisis last Oct.