Rates Are Blowing Out: A 1% Increase In 10Y Yields Will Slash P/E Multiples By 18%

Bloomberg macro technician William Maloney writes, after a lengthy period of meandering, the yield on 10-year U.S. Treasuries spiked above 1.0% and hit 1.052% amid an ascending triangle breakout, signaling a further rise could be on the way.