10-year hitting 5% yield would be concerning, portfolio manager says

STORY: "The concern is we've had a 30-40 basis point backup in rates here in the last month," said Livengood. "The 10-year is dancing around 4.6 percent. If that goes a lot higher, if we hit 5 percent or more, that interest rate scenario probably slows economic growth a bit, starts to slow earnings growth of the S&P 500 companies, and changes our investment outlook a bit to be more defensive."He added that the Federal Reserve could raise interest rates if this occurs.