For rising yields, pace is important. Most seem to agree that the cause of February’s market turbulence was the speed of the selloff in Treasuries, not the direction.
The ripple of turbulence provoked by the February bond selloff could be a taste of what is to come later this year.
If the vaccines are successful in putting the pandemic behind us — and the US economy really starts to gain traction — it is possible that capital markets could truly start to rumble.
