Higher for Longer comes to fruition

Wild day in the markets today, specifically with the 10Y. Mentioned in a previous letter when the 10Y was around 3.76, that 4% yields were starting to become very likely at the minimum given the strong data we’ve been having & with ADP doubling estimates today… it blew the top off on the 10Y surging it to nearly 4.1 at the highs. Short TLT 0.00%↑ ended up being a…