As the FT reports:

The yield on 10-year US government bonds registered its biggest daily jump in years yesterday. Some analysts suggested the dramatic rise in yields could herald a sustained period of higher interest rates, increasing the cost of borrowing for companies, deflating borrower-friendly credit markets and eventually crimping the outlook for equity markets.

The message is simple:

If yields start to reflect that rate hikes are likely this year, then it will get pretty ugly for stocks

If you're in shares, or if your pension is in shares take action now. I think the stock market is going to fall and significantly. It should. It's overvalued. But that doesn't make it more comfortable.

Note: This note is covered by rules relating to journalism

and does not constitute investment advice.