Yields on Treasury securities surged higher last week in response to a round of solid economic reports and comments by Fed officials about the future path of interest rates. The ten-year Treasury note began the year at a yield of 2.41 percent, and by the middle of February had climbed to 2.95 percent. Except for a brief spike to 3.11 in mid-May, the yield remained in a tight band between roughly 2.80-3.00 percent for the better part of the next six months. But after Fed Chairman Powell’s speech at Jackson Hole in late August, the yield began a steady climb from 2.80 to 3.06 percent by the middle of last week. Then the lid came off. Over just the last three days of past week, the yield suddenly surged higher to close at 3.23 percent. It is the highest level on the ten-year since 2011. The yield spike followed comments from Powell on Wednesday that the Fed intends to continue raising rates at a gradual pace, but would do so more aggressively should inflationary pressures rise. Powell also indicated that the Fed funds rate at present was likely a long way from neutral.