Are rising US treasury yields behind us?

Long-term case for low yields is intact

The ten-year US treasury yield broke through the psychologically important 3% threshold earlier this quarter - the highest level in four years. Has this created a buying opportunity or is it a falling knife?

Given the recent momentum, investors have been justifiably worried about spiralling rates. However, the recent yield rise mostly results from cyclical factors. The structural macro backdrop has not changed...