After a volatile October month for both stocks and bonds, U.S. equities were the beneficiaries of the rally as the Dow Jones Industrial Average gained over 500 points at the close of Wednesday’s trading session. On Thursday, market movements were largely muted in anticipation of the Fed rate announcement.

The move higher in Treasury yields could be an indication of a bigger rise, according to Peter Boockvar, chief investment officer at Bleakley Advisory Group.

“I think 3.5 percent to 3.75 percent is easy and unfortunately it would be nice to say that’s because the economy is great and everything is great and nominal GDP is 5 to 6 percent and we’re getting higher interest rates,” Boockvar told CNBC’s “Futures Now” on Tuesday.

Furthermore, Bockvar posits that the lack of interest in U.S. Treasury notes could fuel yields even further.

“We have already a huge amount of Treasury supply that I think is overwhelming buyers, we have Japanese and European investors that are not buying U.S. Treasurys because the cost of hedging out that currency has completely wiped out any spread pickup so it’s not all for good reason that I expect higher interest rates,” Bockvar added.

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