Ok, well if what you were looking for was an AHE beat on top of a headline payrolls beat from Friday’s jobs report, you got it and the knee-jerk is 10Y yields spiking with the dollar.

As noted, this is a risk for stocks. It’ll be interesting to see if equities manage to shake off the continued yield rise. Here’s the reaction in the dollar and in USD/JPY:

And here’s what everyone is watching:

So let’s see if equities can hold on if yields end up sustaining this spike for the duration of the day…

Meanwhile, BofAML’s Michael Hartnett really – really – thinks it might be time to get the hell out of dodge.

Last week:

This week: