Bonds yields rising

Fed's Logan says higher yields may mean less need to raise rates

Financial conditions and the monetary policy outlook - Dallas Fed President Lorie Logan remarks before the 65th National Association for Business Economics annual meeting

"Higher term premiums result in higher term interest rates for the same setting of the fed funds rate, all else equal. Thus, if term premiums rise, they could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening to achieve the FOMC’s objectives."

Unintended Consequences

Lending risk  with the two tier banking system