Why stock investors are starting to really worry about rising bond yields – CNBC

Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, December 1, 2020. Susan Walsh | Pool | Reuters

Stock investors are trying desperately to interpret what a rise in bond yields means for the stock market.

Since February 10th, 10-year Treasury yields — which are not inflation adjusted — have moved from 1.13% to as high as 1.61%, a rise of 48 basis points, the highest level in a year. (One basis point equals 0.01%)

Fear of inflation is causing investors to speculate the Federal Reserve may have to shift policy sooner than expected, by either

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