Keith Buchanan says the ten year Treasury yield is the most important price in all of risk assets and its volatility signals stress beneath the market surface. He warns that creeping yields put pressure on corporate earnings and valuations while bifurcating the consumer, with lower wage earners leaning on expensive credit. He favors shorter duration Treasuries, diversification across cap and style, gold for uncorrelated returns, and sees the U.S. as the best house in the neighborhood despite global rate pressure.