“Bonds are not the place to be these days,” Warren Buffett

Allowing the bond market to take some air out of ebullient valuations in equities and housing through higher 10-year rates is an appropriate policy approach given how far asset prices have risen and when economic growth is picking up. 

The US 10-year currently remains below the 1.80 per cent level seen before the arrival of the pandemic. Arguably, that looks low because the current macro outlook is the reverse of the slowdown that was evident in early 2020.

Michael Mackenzie FT 5 March 2021

https://www.ft.com/content/893d652f-36cb-4993-bfea-0ab936bed7df