Yields - this time is different

We have seen yields move violently over past sessions. The US 10 year is up some 20 bps in five sessions. 1.55% is a huge technical level. Much more interesting however is the rise in real yields. We all remember the surge in yields in Feb/March, but note the big difference compared to present. Back then real yields and break evens rose in tandem as everybody was discounting "good times".