, Columnist
Why Are Real U.S. Yields Suddenly So High?
If the market is right about future inflation, Treasuries now look like a relative bargain.
Treasuries suddenly look good.
Photographer: Mary Turner/Getty Images
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There’s something strange happening in the $17 trillion U.S. Treasuries market: Yields actually look compelling.
Not nominal yields, mind you. Yes, on Tuesday the yields on 10-year and 30-year Treasuries shot higher by 36 and 40 basis points, respectively, in the steepest one-day increases since 1982. But still, even after those moves, both maturities yield what would have been a record low just a month ago.