You haven't been able to get paid this much holding US 10-year notes since before the financial crisis.
US 10-year yields are now up 9.7 basis points on the day, breaking the October high of 4.33% and rising to 4.35%. That's the highest since November 2007.
The high of this century is 5.33%, which is still a full point away but there's now plenty of talk about 4.50% as the next level to watch.
If you're Powell and writing your Jackson Hole speech, you have to worry that the market is saying that we're entering a structural regime of higher rates or that the market is worried that China's bond holdings are in question.
In any case, the bond market is running everything right now and this move higher in yields has sent the S&P 500 back to flat and the US dollar higher across the board.
