A sharp rise in U.S. Treasury yields should act as a reminder to the Federal Reserve not to ignore developments in the bond market as it deliberates when to pull back its hefty monetary stimulus, one market analyst told CNBC.
The yield on the benchmark 10-year Treasury is trading around 2.71 percent, up about 20 basis points from where it was a month ago.
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"Putting aside what the Fed wants to do, the bond markets have tightened for them [policymakers]," said Peter Boockvar, chief market analyst at The Lindsey Group, a Washington-based economic advisory firm.
"Interest rates are up dramatically in the U.S., off the early summer lows, and that's something that the Fed shouldn't ignore. It fooled the bond market once in early September when it did not taper," Boockvar told CNBC Asia's "Squawk Box."