French bonds are now riskier than those of Italy or Greece, with 10-year yields rising 131 basis points year-to-date. The United States comes in second at 112 basis points, as the 10-year Treasury yield sits at 5.27%. Despite bond market turmoil, the S&P 500 is up 13.56% year-to-date, while mortgage applications have collapsed 37% year-over-year with the average rate around 7.3%. AllianceBernstein’s Inigo Fraser Jenkins takes the unpopular stance that a bond-market crisis would be a good thing, arguing it is probably the sole route to engender change.
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