WARNING: FLASHING IMAGES A video shared by the White House shows President Trump signing the Iran memorandum of understanding at the Palace of Versailles, just prior to a dinner hosted by French President Emmanuel Macron

WARNING: FLASHING IMAGES Taylor Swift, Gene Simmons and Paul Stanley of KISS, and Alanis Morissette are among the new class of the Songwriters Hall of Fame. The musicians were inducted at the 55th Annual Songwriters Hall of Fame Induction and Awards Gala in New York

🚨THE BOND MARKET IS FLASHING A MAJOR WARNING The 10-year Treasury yield just surged above 5.20% for the first time in 19 years. It is now up almost 30 basis points in just 2 days, marking one of the fastest bond selloffs in years. The last time yields were around these levels was in 2007, the same year US economy entered recession that eventually became the Global Financial Crisis. But this move isn't happening for no reason. September's flash PMI just hit a 5-year high, inflation pressures are rising again and markets are pricing in a more hawkish Fed. At the same time, oil remains near $100 and massive government borrowing continues to put pressure on the bond market. This is why 5.20% matters. The 10-year Treasury is the benchmark behind mortgage rates, corporate borrowing and valuations across financial markets. The higher it goes, the more pressure builds across the entire financial system. Something eventually has to absorb that pressure, either yields come back down or something starts breaking in the financial system.