From Investing.com:

Fair-value models suggest current 10-year yield high compared to fundamentals. Recent data trigger spike in yield. Historical review shows moderate link between inflation and Treasury yields. Relationship not steady in short-term. Inflation influences 10-year yield more than causality going other way. Present 10-year yield below normal levels. Uncertain which model Market uses to price. Forecast suggests low odds of spike in yield from current levels. Speculation on future inflation path requires forecasting beyond immediate future.



Read more at Investing.com: 10-Year Yield: Why the Hot Inflation Bounce Didn’t Last