A rebound in the 10-year Treasury yield could weigh on stocks, putting a dampener on the market's recent rally, according to veteran trader Art Cashin.
I would watch that yield on the 10-year.
… We may get another retest of the higher level in yields, while all that Fed jabber is going on," he added.
If the yield on the 10-year Treasury note begins to move above 4.55%, Cashin said that could put "mild pressure" on the equity markets.
You can see that the tone of many of the commentators who were getting more and more bearish are now stepping back from that," Cashin said.
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