The Wall Street Journal says bond yields are back to normal. That is, they're rising toward old definitions of normal:
10-year Treasury yields are up 76 basis points since the beginning of April and TIPS yields (inflation protected) are up 69 basis points.
This is not the first time this has happened. Yields were similarly high for a brief period in late 2022 after a run-up caused by the Fed's increase in interest rates. But yields then dropped until the recent steady increase.
If rates stay this high—or rise higher—it's likely to slow down the economy. This is potentially good news for inflation but not such good news for employment. The next few months are not written in stone. Anything could happen.
“Old versions of normal” is interesting phrasing. It seems to presume the periods of incredibly low rates constituted a “new normal” rather than a … transient… reaction to otherwise poor economic situations.
It's been 15 years since the last time 10-year Treasuries yielded over 4%.
https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart
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A lot of retirees with their money parked in money market funds are cheering.