Getty Images Consumers feel the pain, but oil producers are cleaning up.Stock-market investors are loving the unexpected surge in oil prices—at least for now. The question is whether the worm will eventually turn. The answer, like the relationship between crude, the U.S. economy and the stock market, has a lot of moving parts. While investors and economists tend to focus on the tug of war between the positive boost to capital spending by oil producers versus the hit to consumer wallets from rising gasoline prices, the near-term threat to equities might manifest itself elsewhere. “If you plot over the last six months the 10-year [Treasury] yield versus the price of oil, you see a positive correlation, and that’s what worries me,” said Kristina Hooper, chief global market strategist at Invesco, which manages around $973 billion in assets. The run-up in crude comes alongside rising prices for other inputs, such as aluminum and steel, and expectations for a further pickup in wage inflation. That will make oil a strong driver of inflation pressures and, in turn, long-term Treasury yields. It’s no surprise that as oil has accelerated its rally, yields also accelerated their push to the upside, taking the 10-year rate above 3.10% for the first time since 2011 earlier this week. It’s a pattern that Hooper expects to continue. “That to me is a real negative for the stock market, at least in the shorter term,” she said.via