When the bond market calls the tune for stocks, it’s time for investors to proceed with caution. The 10-year Treasury yield, always closely watched, has now arguably become the most important metric for stock investors.

There’s room for stock markets to fall further as bond yields approach levels that have been painful for equities in recent years.

Investors have shifted from thinking higher Treasury yields are an unwelcome side effect of the stronger growth promised by Trump, to worrying that higher borrowing costs might end up being very important.