After peaking at 5% in October last year, the US10Y went down and bottomed at around 3.8% in late December last year. Since then inflation has turned out to be stickier than expected and interest rates have been steadily rising. Brookfield has been holding up okay, but 4.5% seems to be the tipping point based on today's market action. From 4.36% on 4/9, the US10Y closed at 4.56% today (4/10) spooking all things Brookfield.

BN     -4.69%
BAM    -3.84%
BPYPP  -3.09%
BIP    -5.30%
BEP    -4.11%
BBU    -5.11%

Where will rates go next? Of course nobody knows, but it's best to allow for the possibility that they could go much higher or much lower.

In his annual letter JPMorgan Chase CEO Jamie Dimon said "we are prepared for a very broad range of interest rates, from 2% to 8% or even more, with equally wide-ranging economic outcomes — from strong economic growth with moderate inflation (in this case, higher interest rates would result from higher demand for capital) to a recession with inflation; i.e., stagflation. Economically, the worst-case scenario would be stagflation, which would not only come with higher interest rates but also with higher credit losses, lower business volumes and more difficult markets. Under these many different scenarios, our company would continue to perform at least okay."

This is good advice for us individual investors also. Be prepared for a wide range of outcomes and arrange your affairs in such a way that you will still be at least okay under all scenarios.