As the yield on the the 10-Year Treasury climbs above 4% for the first time this year, we couldn't help but notice how the path of long-term interest rates bears a striking similarity to last year. The one major difference seems to be that this time less people are talking about it. Last year, there was near hysteria when long term interest rates rose to their highs of the year and above 5%. This year, rates are once again at their highs of the year (although 100 bps lower), but this time around its not nearly as big a story...yet.
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