While there is a lot of discussion about how extreme the backup in U.S. Treasury yields has been, when you put the significant moves (over the last four years) in context, we have had many runs and sell-offs.
Much of this is due to the uncertainty related to Fed policy and, of course, COVID. We find this perspective to be very helpful. And we find the backup in yields to be very very healthy for markets in the longer term. Painful in the short term, but healthier in the long term.
10-year U.S. Treasury Yield
Source: Bloomberg 6/14/2022
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