Watching the ten year yield hit 2.23%

And oil at 110.

I suspect that Congress goes to sudden stop if that yield goes to 2.5.  The economy is slowing, not recessing. The 110 oil price barely tolerable.  The real weight, this time, are the impact of all this on public sector.  

This slow down will be about a bunch of local governments having budget emergencies. A long grinding stagnation as we work through the COLAs, pensions, hiring along with painful tax battles. Just a long pain in the ass.