What Has Gotten The "Smart Money" So Spooked?

``... as per the Fed model which has reigned supreme in recent years - rising bond yields, which suggests that as a result of a rising risk premium, stock prices would slide And in a time when even central bankers are increasingly agitating for a "gentle" increase in long-term rates, we can see why the so-called smart money is concerned that upcoming moves in yields could disrupt the stock market's bull market. After all, as we reported cautioned last week, even Ray Dalio warned that a yield rise as small as 1% could lead to trillions in MTM losses.''