Rates, REITs and Utilities

Are interest rates hitting a short-term peak? Is 3% the line in the sand for the sellers of intermediate-term Treasurys? As the 10-year raced toward 3%, it found some resistance finally. Maybe just temporary resistance, but the stock market began to sniff it out in the middle of this week. As my research director Michael Batnick pointed out to me, the sell-offs in REITs and Utilities stopped on a dime and they all bounced hard.