Positive US real yields may rip up global markets playbook

Technology stocks seeing renewed losses, the dollar pushing to new highs and testing times for credit.

These are some of the investor expectations now that bond markets have taken another step toward pre-pandemic normality, with benchmark inflation-adjusted Treasury yields climbing above zero. 

Back in positive territory for the first time in more than two years, the real yield move threatens to remove a key pillar of support for risk assets like stocks and credit and spark a reassessment of sovereign debt. 

The yield on so-called 10-year TIPS rose above two basis points on Wednesday before pulling back, as traders continued to build bets