Bond vigilantes squeeze Main Street: 10-year tops 4.7%, mortgages hit 6.75%
Long-dated Treasurys are selling off, pushing the 10-year above 4.7% and widening the 2s/10s spread by nearly 29 basis points since late June. That is hitting Main Street where it hurts: 30-year mortgages now run 6.75%, and new Fed chair Kevin Warsh is doing little to calm the bond market.