The 10-Year Just Hit a 19-Year High and Stocks Barely Blinked

The 10-year Treasury yield topped 5.13% intraday on September 23, a level last seen in July 2007, yet the S&P 500 is up about 12.6% this year with the VIX near 15, close to its 2026 low.2,3 The panic misreads the tape: a bear flattener driven by rate-hike repricing that has lifted real yields, cushioned so far by strong earnings, not a growth scare.