The 10-year U.S. Treasury yield hit 1.9% on Wednesday morning, its highest point since December 2019.
The two-year Treasury yield, which reflects short-term interest rate expectations, also topped 1% for the first time in two years. It remained higher on Wednesday morning, hovering above 1.06%.
In a note on Tuesday, BlackRock Investment Institute's team of strategists, headed up by Jean Boivin, argued that the anticipated timing of rate hikes wasn't causing the jump in yields. "The sum total of expected rate hikes remains low, thanks to a historically muted Fed response to inflation," the strategists explained.
In fact, they said that the spike in the 10-year yield"tells us that investors are less willing to pay a safety premium for bonds and isn't bad news for stocks per se."
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