“Lots of the additional positivity around the outlook for global growth has focused on the U.S., with the accelerated rollout of vaccines [and] the Biden administration’s significant fiscal stimulus,” said Michael Sager, vice-president, multi-asset and currency management, at CIBC Asset Management, in a recent interview.
As a result, “The U.S. was leading the charge in terms of growth revisions,” he said. “The U.S. bond market was leading the charge in terms of the move higher in bond yields.”
The 10-year U.S. Treasury yield reached 1.74% at the end of March. And on Tuesday, the International Monetary Fund forecast U.S. growth to be 6.4% this year — its fastest pace since 1984 — and 3.5% in 2022.