The 10-year yield has more than doubled since the start of this year, and it's now at the level at which it peaked in 2018. The higher 10Y yield has taken a toll on risk assets, especially growth stocks, and elevated rate volatility has contributed to the weakness. But Mark does believe 10Y yields have only modest upside from here and expects rates volatility to fall when the path for lower inflation becomes more clear and Fed moves more predictable. Mark also discusses the impact that structurally higher inflation could have on rates.

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