The recent pop in the 10-year Treasury Note’s yield—up about 40 basis points this month to ~2.4%–has inspired cries that the end is near. One Wall Street analyst lamented that the recent pop in this rate was a sign of rising inflation expectations and that this was something to worry about…NOW! He also recognized that the market’s repricing of Treasuries for higher yields also reflected a brightening economic outlook. But he couldn’t see that the two trends are, in fact, connected these days because the new abnormal continues to rule.