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Yesterday's 14% increase (33 bps) in the yield of the Two-Year US Treasury Note represents the fifth largest one-day increase since 1977.  We looked to see how stocks have historically performed following similar large moves. 

As shown in the table, returns have generally been positive as investors continue to move out of bonds and into stocks.  Even more interesting, however, is that five of the ten largest one-day increases in the yield have all come this year.

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Source: Largest One Day Increases in 2-Year Yield