The yield on the US Treasury bond, currently 3.06%, has pushed through the 3% level for the fourth time since the beginning of the year. We view this as a positive development and further confirmation that economic trends in the US continue to improve. The state of the US economy and corporate America is arguably more robust than at any point in the post crisis era. Our concern is whether risk assets can sustain materially higher interest rates and, so far, US stocks have proven resilient while the rest of the world has struggled, particularly the emerging markets.