The 10-Year Treasury Yield Is Nearing 3%. That’s a Bad Omen for the Stock Market.

Interest rates may finally be getting real.

To investors with a sense of history, the near-zero and even negative interest rates of recent years might have seemed unreal, and indeed were unprecedented in the 5,000 years of recorded history of such matters. While the recent rise in bond yields has put rates back within the range of their historic norms, they are still under the level of inflation, anticipated or current, meaning that they’re negative in real terms.

This…