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The 10-year Treasury yield was around 1.53% Thursday afternoon, having risen steadily in recent weeks after being below 1% at times in January. Last week, the 10-year yield got as high as 1.6% in a move some observers labeled a "flash" spike.
"You can't have a rally in these high-multiple stocks unless you reverse some of the 50 basis points increase that we've had in the Treasurys since the year started," Cramer said on "Squawk Box." "I don't think you even have to look at the stocks. All you've got to do is look at the bond."