Welcome to Seeking Alpha's Wall Street Lunch. Our afternoon update on today's market action news and analysis.

Good afternoon. Today is Tuesday October 3rd and I'm your host, Kim Kahn. Our top story so far. Treasury yields continue

their march into rarefied air. The 10-year Treasury yield hit a 16-year high in today's trading.

The 10-year topped 4.75% this morning and it hasn't closed above that level since

August 2007. For context the 10 year was trading close to 3.3% just six months

ago and the 20 year treasure yield top 5% for the 3.3% just six months ago.

And the 20-year treasure yield top 5% for the first time in its brief history.

Allian's advisor, Mohamed Al-Arian, says, simply put, last year was about markets adjusting

to higher rates. This year is about markets adjusting to rates staying high for longer.

The process of market adjustment is ongoing while that of the economy is at a significantly earlier stage.

Sockgen's Kit Chukes explained the move on the longer end, pointing out that the Fed staying

high for as long as necessary, adds to investor doubt about the merit of receiving lower

yields on long-dated Treasury debt than they can get on the front end

when they face a steady flow of supply and data that doesn't point to an imminent

recession. He adds that, the easiest way to boost demand for long-dated

bonds isn't through higher yields.

It's through a change in expectations about the outlook for short-term rates as the economy

weakens.

That's one reason why soft landings are so hard to pull off.

Higher yields will hurt the economy

before they attract value investors. By then it'll be too late to avoid recession.

If you're looking to fireproof your portfolio for this new rates regime,

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