Sooner than 2.75%

If investors are targeting the volatility weighted earning from the stock index against the ten year rate, the what is the option price of the market? The market drops by 15%, according to the analysts, when the ten year makes 2.75%.

But we hit a barrier sooner at 2.5%, a market drop of 7% kills a bunch of pension bound cities and counties and some states.  Even now, at 2.4%, state and local hiring is very sluggish.