The market is more sanguine about it today
The US 30-year bond yield is up 7.8 bps to 2.26% today as the break higher continues. At the start of February it was at 1.80%.
We appear to be on a collision course for 2.40%, which is the 2020 high and the 61.8% retracement of the 2018-2020 fall.
The rise today isn't having the same effect on broader markets, though the US dollar is ticking higher. Powell highlighted rising long-end yields yesterday as a sign of confidence in the economy and there's certainly some truth to that.
At some point the foreign buyers will step up in a big way to cap the top and there are signs of that as the US dollar climbs in the past few minutes.
