The Federal Reserve runs the risk of losing the control of bond yields as it prepares to raise interest rates later this year, analyst Peter Boockvar said Thursday.
"That's maybe why we're seeing some of the steepening—because the bond market could be sniffing out the bottoming of these inflation numbers and they think [Fed Chair Janet] Yellen is going to drag her feet in raising rates to respond to that, so the long end of the curve is going to tighten for her," the Lindsey Group's chief market analyst said on CNBC's "Squawk Box."
U.S. Treasurys fell on Wednesday, weighed down by a global slide in government bond markets that is pushing yields to 2015 peaks. Benchmark 10-year Treasury note yields edge closer to 2.3 percent on Thursday, trading around 2.275 percent before easing back to 2.237 percent.
—Reuters and CNBC's Jenny Cosgrave contributed to this story.