Bill Dudley, Columnist

The Days of Low Treasury Yields Are Numbered

The benchmark 10-year rate is likely to more than double in coming years.

May 12, 2021 at 9:00 AM UTC

Bill Dudley is a Bloomberg Opinion columnist. A former president of the Federal Reserve Bank of New York, he is a member of Coinbase Global's advisory council.

This could get expensive.
Photographer: Alastair Pike/AFP/Getty Images

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The 10-year U.S. Treasury note is part of the foundation of global finance. Its yield helps determine the cost of mortgages, the value of U.S. stocks and how much the U.S. government must pay to service its growing debt.

I think markets are severely underestimating how much that yield is likely to rise in coming years.