Some thoughts on unanchored inflation expectations, Fed policy and rising 10-year yields

A month ago, 10-year yields were at 2.89%. And so, we were at a level that yields had been on February 20th despite two rate hikes in the intervening period. Since that time, rates have shot up 10 basis points, with the 10-year briefly crossing the 3% threshold earlier today. What are we to make of this?
1 - Look at the short-end, but not the very short-end
If you look at the 2-year, we see a 15 basis point uptick in the same time frame that 10-year rates have increased 10 basis points. So while...


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