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The recent rise in yields for longer-term Treasurys, particularly the 10-year note, signifies the return of the U.S. bond market. This development has caused concern among some commentators who have become accustomed to years of low interest rates and central bank interventions. However, the rise in yields is a positive sign as it indicates a normalization of monetary policy and allows for more disciplined market behavior. While there are risks associated with higher rates, such as potential difficulties for indebted firms and the need for the federal government to refinance debt at higher rates, overall, the return of the bond market is seen as a welcome development. [Extracted from the article]