Early Update – I Think Trade Should Look Worse Than It Does

11:24 a.m. ET Yields are mixed, but the key benchmark 10-year yield that hit new cycle highs and the highest since 2008 yesterday, pressuring the stock market lower, is still rising. The 2-year yield is down -1.5 bp reflecting not much change in Fed rate policy expectations, but the 10-yr  yield is up another 4…