Art Hogan Side Quotations

Concerns about higher interest rates and the yield on the 10-year note may keep stocks on the south side again this morning. The higher yield ... acts as a tax on corporations, and it may also attract money to the bond markets from equities.

The problem is that terrific news on inflation is not what we need right now, ... We need terrific news on the demand side of the economy. The economy hasn't stabilized yet so we don't have any great need to buy stocks.

I'm not sure how judicious it is, but the market looks like it will move energy to the side stage, while rate hikes and the Federal Open Market Committee again take center stage.

That seems to offer support to some of the folks on the hawkish side of the argument.

It's good news because it shows there's no creeping inflation. And the Fed is not worried about inflation. What they care about is the manufacturing side of things, retail sales and consumer spending.