The yield on the benchmark 10-year Treasury note soared to a new 14-month high of 1.759% on Tuesday, amid expectations of a swift economic recovery and a faster vaccination rollout in the US. The New York state announced people aged 30 and older could get the vaccine starting March 30th and President Biden unveiled a plan for further expansion.

Yields have been on an upward trajectory since August but the jump accelerated from mid-January as coronavirus vaccination and further fiscal stimulus support prospects of a strong economic recovery but could lead to a spike in inflation and debt levels. Still, Fed Chair has been reiterating any spike in inflation would likely be temporary and showed no concerns over the recent rise in bond yields.