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

Good afternoon. Today is Thursday, October 17th, and I'm your host, Kim Kahn. Our top story so far.

The bond market is seeing another monster move, with prices tumbling and yields jumping for the second session in a row. The 10-year Treasury yield is

surging close to 4.85 percent. On Friday it was trading at just above 4.6 percent.

The 30-year yield is close to 5 percent and the 2-year yield is also rising.

Trader's sole bonds following September's retail sales figures which came in much stronger than

anticipated. The headline was 0.7% compared with up 0.6%

The control group was up 0.6%.

With a hat tip to 80's hairband poison, Wells Fargo

says that consumers are looking for nothing but a good time and they say it's hard to resist seeing the upside risk to the outlook

Consumers are spending more at bars and restaurants at auto dealers and online

That's true on both a monthly basis and on trend or the past year, they added.

Expectations of a more hawkish Fed grew following the retail sales report.

The chance of the FOMC keeping rates steady at the December meeting dropped to 55% in the Fed Funds Futures market.

The rising yields is pressuring stocks, but the major indexes are well off their lows.

The S&P is down less than half a percent.

Allian's advisor Mohammed Alarion wrote in today's FT that the bond market, which he calls the most

influential segment of the world's financial markets is losing its

longer-term strategic anchors and is at risk of losing its short-term stabilizer ones

as well. He says reasons include increasing uncertainty on the path of the U.S.

economy, combined

with a Fed also shrouded in uncertainty on where equilibrium should be.

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