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And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics finance investment and international relations find

Bloomberg surveillance on Apple Podcasts soundcloud bloom And of course, on the Bloomberg. John, nominal yield versus a rising five-year, five-year break even

gives you a substantial real yield at negative 0.92 percent Even with that lift in nominal yields, we've still got a substantial

negative real yield. Let's continue the conversation with Mona Mahajan, Alian's global investors,

US investment strategists. She joins us now. with Mona if you'd

if you'd disappeared from the market for the last 10 years and heard us talk about a

breakout in Treasury yields of 80 basis points.

I think you'd wonder what planet you've just landed on.

Man or any basis points, when can we get a real move on treasuries?

You know, interestingly from a percentage perspective, this was a pretty real move you know we're we're now off the

lows of 46 basis points from this crisis back up to 80 what we're seeing in the

markets is pretty consistent here we talked about weaker dollar, higher treasury yields, higher

gold prices. This is a market that's thinking at some point stimulus is going to happen and

also perhaps starting to price in over the last few weeks this Democratic sweep idea.

Where in that scenario you do also get more stimulus but also more spending.

So it does feel like we're on a trajectory. To Lisa's point

earlier, how high can it go? We may not get much more movement from these

levels until we see actual, as a Fed says, eyes of inflation.

Mona, part of this is the glide path. as a Fed says eyes of inflation.

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