A rise in longer-term bond yields would arguably be seen as doing some of the Fed's tightening work.

So far, Japanese shares have risen together with a rise in long-term bond yields.

That would lead to a rise in bond yields and in turn start to make equities look unattractive. If that happens on Wall Street, it's going to happen here in the UK, it's going to happen in Europe, and everywhere else.

The problem with rising short-term bond yields is that they boost the cost of acquiring and servicing credit, and thus they stifle domestic demand.

Banks and utilities are high dividend-yield spaces and they become less attractive as bond yields rise. It's normal in an environment of rising bond yields to see stock markets correct.

Rates for long term CDs (terms of 12 months and longer) are typically driven by the activity in the bond market. The bond market has been fairly active over the last couple of months, which is why you are seeing long term CD rates changing.