U.S., U.K. Yields Above 3%

Despite continued massive purchases by the Fed and the Bank of England respectively, U.S. and U.K. 10-year yields rose above 3% on Friday. Less than a year ago, they were well below 2%.  The increasingly extreme stock valuation levels have long been justified by the depressed bond yields. But with bond yields rising along with valuations that seems increasingly unjustified.