It was an ugly day in fixed-income - (TLT -2.6%), (LQD -1%) - the 10-year Treasury yield up 15...


It was an ugly day in fixed-income - (TLT -2.6%), (LQD -1%) - the 10-year Treasury yield up 15 bps to a 13-month high of 2.16%. Maybe more troubling for those borrowing short and lending long is a 12 bp jump in the 5-year yield to 1.01% (its up from 0.65% in a month), and a 4 bp pop in the 2-year yield to 0.28%. It was shoot first, ask questions last for many income plays such as mREITs (MORT -2.8%), equity REITs (HCN, HCP), utilities, and leveraged income funds (PHK). Owners of the leveraged short Treasury Fund (TBT +5.3%) throw a party, now up 16% in a month.

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