If after 32 months there is no longer a minus in front of the yield on the ten-year federal bond, this is significant.
Even if it doesn't last long, it shows where interest rates are headed.
With all due respect for historical or symbolic events: Anyone who attaches great hopes or worries to them is rushing ahead of the events.
Even if rising yields are a reaction to higher price increases, they are currently lagging far behind them.
In other words, if you want to secure your old-age provision with federal bonds, you should postpone this a little if possible. The same applies to the credit side: anyone who believes that long-term interest rates of 0 or even 0.5 percent will immediately cause problems for companies should reconsider their judgment. All the more so because the US central bank's intentions to raise interest rates are not really scary and the European ones don't even have such intentions.
And an increase in inflation rates does not immediately mean that this will continue in extenso, which would not serve bond buyers either.
But perhaps the excitement is also due to the fact that inflation has been weaned for so long.
Of course, the interest rate landscape is changing.
But this process has only just begun.
It will be some time before this has fundamentally changed the investment and credit landscape.