S&P 500 and Nasdaq hit new record highs

Investors are hungry for opportunities, which is why the stock market is near record highs. That's why prices for safer assets, such as US Treasuries, have come down. And as bond prices decrease, yields increase.

Government bond yields dived earlier in the year, but seem to have bucked the trend for now. The only question is whether this new trend will stick. "Bond investors are either not to keen on the idea that Fed Chairman Jerome Powell and other central bank heads will outline an even more accommodative approach to inflation, or they expect the global recovery to pick up steam which would call for tighter monetary policy," said Fawad Razaqzada, market analyst at ThinkMarkets of the price trend.Officials from the Federal Reserve and other central banks are meeting -- virtually -- in Jackson Hole this week.

Another way to explain rising yields doesn't even go as far as thinking about future monetary policy. Instead,"investors are just booking profit and as soon as priced become a little cheap again, they will step in to buy the dip as they have done so for many years now," Razaqzada said.

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