U.S. Treasury bond yields are on the rise again and the U.S. Treasury 10-year Treasury note yield hit 1.74% Thursday–the highest level in well over a year. The FOMC this week left U.S. monetary policy unchanged, as expected. The Fed funds rate is seen at median 0.1% until the end of 2023. The Fed added U.S. economic growth and inflation prospects are picking up steam. The Fed raised its U.S. GDP projection to 6.5% growth in 2021, from 4.2%, and sees inflation at 2.4% annually in 2021, versus its last estimate of up 1.8%. The marketplace deemed the FOMC meeting as favoring the dovish side of monetary policy more than expected. Many veteran market watchers think the Fed will be forced to raise U.S. interest rates before the two-year window has ended, given the present trajectory of U.S. inflation. It appears the inflation genie is already out of the bottle. Stay tuned!– Jim