Bottlenecks in the supply chain indicated by a spike in PMI sent 10-year Treasury yields spiking back above 5% to levels not seen since 2007. Kevin Green talks about why the print is so significant and analyzes the reaction in equities and fixed income. He turns to the state of the housing market through MBA mortgage application data and "nibbling" he sees in housing-related stocks like KB Home (KBH) following its earnings.