Stock-market investors are turning jittery over something which has apparently happened only two times in the bond market since the early 1980s: The 10-year Treasury yield has jumped by about as much as the Federal Reserve has cut interest rates over the same period of time.

It’s off to the races for bond yields. That could easily mean more declines for the stock market. The 10-year Treasury yield has popped to almost 4.8%, up 1.2 percentage points from a major low point hit in September.

This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with: Last year, as Treasury yields climbed, stocks mostly shrugged off the move. The spin from strategists: Yields are rising because of expected economic growth,