Something Realy Strange Just Happened to Interest Rates

#finance
#financement

Treasury yields have finally made a sizable move upward. The 2-year Treasury has pushed to new multi-month highs. The 10-year got as high as 4.70%. And instantly, the usual question shows up:
Is the bond market finally repricing real inflation risk? Or is this another hurricane warning where everyone looks at the headline number, panics for five minutes, and misses what the curve is actually saying? Make that curve-S.