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As illustrated in this CNBC chart, it has been quite a month for the fixed-income market. The 10-year yield has moved up by around 50 bps to its highest level since 2007 (with a slightly larger move for the 2-year, while the 30-year has reached levels not seen since 2002). Such a move raises two immediate questions for the global economy and markets: Are we now in a new regime of protracted elevated rates? Have we already seen the bulk of the spillovers onto other risk factors and the broader economy? For what it's worth, and for the reasons detailed earlier, my answers would be yes, and no. #economy #markets #yields #bonds