RE: interest rates yields have been slowly creeping up in the last few weeks.
We can't say yet whether a corner has been turned or not.
Yields this side of the pond are inversely related to the yields on the other side.
I don't think a few bps will affect MFC business dramatically.
Not unless the 10 yr. rates start going north of 3% and ideally in the 5% to 7% range.
at that point you have to evaluate any positive effect of yield increases vs. the negative impact of equity valuations dropping.