datoid

The 10-year Treasury yield surged to 2.23% on November 14, 2016—4.2 standard deviations above its 60-day average of 1.70%. This represents the most dramatic rate movement in the series, jumping from 2.15% to 2.23% in just four trading days. The spike coincides with unemployment hitting record lows (4.30%) and GDP growth accelerating 1.4% quarterly. Bond markets appear to be repricing inflation and growth expectations rapidly. What's driving this sudden shift in long-term rate expectations? Are we seeing a fundamental change in monetary policy outlook?