First touch of a 2STD move in the Yield Curve historically triggers a widening in credit spreads (hence reason for REPO). In 2008 2STD was 50bps. Currently at 70bps. In 2000 a 2STD move was at 150bps. Each event resulted in moves to 350bps and selloffs in equities. $ES $SPX $SPY https://t.co/CkOojSgwPJ