US 10-year yields just broke above last Wednesday's top to touch a new cycle high at 2.248%. It's interesting that they're touching 2.25% just as Bostic said that's his neutral rate and that's where he expects to hike to.
The driver today is oil, which is up $6, adding inflationary fuel to the fire.
As the monthly chart above shows, there isn't much now standing in the way of a run all the way to 3%. With the Fed no longer with its thumb on the scale, this move could run faster than anyone would like. The air has already been taken out of tech and some dip buyers are coming in but it would be tough to keep the risk trade alive if rates rise quickly to 3%.