Long-end Treasury yields keep rising as the market reprices the US long-term neutral rate. Unlike past inflation-driven spikes, this move is driven by strong economic growth, so yields may stay high longer because growth momentum takes more time to cool; global bond selling and yen carry-trade unwinding add pressure.
The market has priced in an October rate hike. If the market gradually withdraws October hike expectations, it would instead be bullish for stocks. The host finds UBS's view that the Fed will stay on hold in October and hike after the midterm elections reasonable.