One of the more persuasive explanations for the recent increase in U.S. Treasury yields is that the economy remains resilient, prompting the bond market to push interest rates higher in response to a stronger growth outlook. Recent third-quarter GDP nowcasts support that narrative. The catch is that higher interest rates may be a double-edged sword: while they can signal economic strength, they can also undermine it by creating headwinds for future growth. The growth narrative may be convincing, but it is unlikely to be the whole story. Some of the other factors driving yields higher paint a less reassuring picture.