Summary Due to high government spending and a series of hot inflation reports, Treasury yields are near 20-year highs, with implications for housing, autos, banks, tech, and the stock market. The potential for much higher yields is supported by theoretical, practical, and historical reasons. We could easily reach 6% for 10-year Treasury yields, 9% for mortgages, and 8% for car loans in 2024. Since late October, large-cap U.S. stocks have seen a furious 25% rally based on the idea that the Fed will soon pivot and dramatically cut interest rates. The move in stocks has been driven almost entirely by...