Because investors have been so well rewarded in a low-growth, low-rate, low-inflation economy for so long, the notion of this paradigm undergoing such a seismic shift in such a short period of time has caught much of the investing world flat-footed. For example, 2021 began with the 10-year T-Note yield at 0.90%, and now almost has doubled as of the recent high quote of 1.75% on March 18.
