| lower to start 2022 at the same time | 5.6 | Jump to 14.24 |  |  | 
              
                
                  | 10-year treasury yields have climbed to | 6.8 | Jump to 45.36 |  |  | 
              
                
                  | around 1.65 percent and that spread | 6.879 | Jump to 48.32 | 
                      
                        
                      
                        PERCENT
                      
                      
                        around 1.65 percent
                      
                     |  | 
              
                
                  | suggests that we see three rate hikes | 4.0 | Jump to 82.64 |  |  | 
              
                
                  | look back at 2019 we've or 2009 we've | 5.36 | Jump to 135.12 |  |  | 
              
                
                  | and since 2009 there's only been a three | 7.04 | Jump to 142.72 |  |  | 
              
                
                  | year time period 2016 to 2018 where | 5.6 | Jump to 146.08 |  |  | 
              
                
                  | zero to 25 basis point banned | 5.52 | Jump to 151.68 |  |  | 
              
                
                  | fantastic rally since 2009 | 4.8 | Jump to 163.36 |  |  | 
              
                
                  | predicting the s p 500 is going to end | 3.761 | Jump to 179.599 |  |  | 
              
                
                  | the year above 5 000 breaching that | 3.28 | Jump to 181.36 |  |  | 
              
                
                  | level for the first time it's not | 3.68 | Jump to 183.36 |  |  | 
              
                
                  | terribly far away right now about 225 | 4.08 | Jump to 184.64 |  |  | 
              
                
                  | back at march 2020 uh equities have been | 5.519 | Jump to 209.44 |  |  | 
              
                
                  | on that one-way trajectory and it's been | 5.52 | Jump to 212.4 |  |  | 
              
                
                  | since march of 2020 | 4.64 | Jump to 227.12 |  |  | 
              
                
                  | appreciation during the first half the | 3.119 | Jump to 231.76 |  |  | 
              
                
                  | 10-year yields rise a little bit but | 4.8 | Jump to 286.72 |  |  | 
              
                
                  | environment ten-year yields fall and the | 6.0 | Jump to 304.0 |  |  | 
              
                
                  | year we will see the 10-year yield fall | 5.44 | Jump to 312.08 |  |  | 
              
                
                  | investors in 2022 | 4.879 | Jump to 363.44 |  |  | 
              
                
                  | one thing that concerns me uh moving | 4.241 | Jump to 378.319 |  |  | 
              
                
                  | but it's one of those things that's a | 4.0 | Jump to 405.28 |  |  | 
              
                
                  | to completely eliminate the second | 4.639 | Jump to 409.28 |  |  |