The stock market seems to like the latest legal news on U.S. President Donald Trump saying that he is apparently NOT under investigation for obstruction of justice. The Nasdaq is bouncing higher today while the S&P 500 futures make an all time high. All is well in the equity markets! That is until interest rates start to cross a certain line in the sand causing the market to top out on fears of economic slowdown due to borrowing cost increase. That could be a year away.

On that note, U.S. bond prices may be starting to top out here, and I would not be surprised AT ALL to see higher yields this summer. I think higher interest rates are coming, possibly quicker than many anticipate.

10-year note