Both nominal and real 10-year yields have risen sharply

 The nominal yield has almost hit a pandemic-era high, while the real yield is at its most elevated level since June

To give an idea of how “tantrum-like” conditions now are, this chart shows five-day changes in the 10-year real yield, going back 20 years.

John Authers 7 January 2022

https://www.bloomberg.com/opinion/articles/2022-01-07/a-tantrum-could-be-brewing-before-payrolls-while-the-fed-s-minutes-sink-in

So what the market doesn’t know right now is how aggressive the Fed will be reducing its balance sheet.

https://www.cnbc.com/2022/01/06/the-fed-is-scaring-markets-with-the-triple-threat-of-policy-tightening.html