During the holiday week in the United States the 10 year treasury yield has quietly crossed over 3.00%. Yields were close to 1.70% in April of this year.
This impacts almost every asset on the planet (negatively) because it pushes up the cost to borrow. As yields rise on all debt instruments, those that own the bonds are taking losses. Rising yields = falling bond prices.
At what point will rising yields begin to impact the U.S. stock market insanity? We will find out in 2014.