The recent rise in long-dated Treasury yields boils down to mostly one single thing, which is higher real rates resulting from changing expectations for U.S. economic growth, according to Joseph Kalish, chief global macro strategist at Ned Davis Research.
Kalish attributes 90% of the increase to that factor alone. He points out that 5- BX:TMUBMUSD05Y, 7- BX:TMUBMUSD07Y, 10-…