The bond market is signaling that interest rates are about to rise on Main Street.
Treasury yields are pushing higher at the fastest new year pace in 20 years. The closely-watched benchmarkThe 10-year yield is important since it influences lending rates for mortgages and many other business and consumer loans. When bonds sell off, yields, or interest rates, go higher.
"I think the economic optimism with a backdrop of inflationary concerns will get 10-year yields to 2% sometime in the first quarter," said Ian Lyngen, head of U.S. rates strategy at BMO. The economy and the Federal Reserve will determine how high it goes from there."Loading chart... But instead of jumping higher on the Fed news, bond yields continued to trade lower as investors bought Treasurys as a safe haven should the omicron Covid variant slow the economy. But those concerns have ebbed as studies show that the rapidly spreading strain is not as severe in terms of hospitalizations and deaths.move for the yield on the first day of trading since 2001, according to Michael Schumacher, director rates strategy at Wells Fargo. In 2001, the yield moved 24 basis points, or 0.
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