A rally in stocks(today's gains were the biggest in nearly four weeks) has caused havoc in the bond market, with the yield on the 10-yearTreasury note doing something we don't see often—backing up considerably (yield rising, price falling.)
Is this a sign of a bubble?
"Absolutely not," Guy Lebas, director of fixed income strategy at Janney Montgomery Scott, told CNBC's "The Strategy Session" on Friday. (Check latest Treasury yields here.)
"A bubble requires at least one thing, which is that people are buying investment with the hopes of selling it at a later point at a higher price. People and institutions are buying bonds for their return, for their yield and for their level of safety,"Lebas said.