Well, we are finally here: 2022 has arrived and the rate shock that BofA's bearish chief investment strategist Michael Hartnett has prophetically been warning about arrived right out of the gate, and with a bang as both nominal and real yields spiked sharply higher in just the first week of 2022.

And unfortunately, if Hartnett's vision for the rest of 2022 is as accurate as it has been so far, it's going to get much worse.