“I still believe though that the main driver of longer end yields in coming months will be how Japanese and European bonds trade in response to the monetary changes going on there,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.

Related: Rising Interest Rates Cutting into Banks’ Profitability?

How high the benchmark yields go is anybody’s guess, but JPMorgan Chase CEO Jamie Dimon told CNBC that the 10-year note could climb as high as 5%. Dimon’s prediction underscores a robust economy, especially with the Commerce Department announcing a 4.1% increase in GDP during the second quarter, which was spurned by a mix of tax cuts, deregulation and spending increases.

“I think rates should be 4 percent today,” said Dimon. “You better be prepared to deal with rates 5 percent or higher — it’s a higher probability than most people think.”

For more trends in fixed income, visit the Rising Rates Channel.