At 2.62% the yield on 10-year Treasury is still low, but it's the highest since Sept. 2014. Since then S&P earnings have risen by 6.2%, while the S&P has risen by 44%. There is a significant risk of an inflation-driven spike in bond yields that is being completely ignored.

At 2.62% the yield on 10-year Treasury is still low, but it's the highest since Sept. 2014. Since then S&P earnings have risen by 6.2%, while the S&P has risen by 44%. There is a significant risk of an inflation-driven spike in bond yields that is being completely ignored.

— Peter Schiff (@PeterSchiff) January 19, 2018