Forgive those on fixed income desks for looking a bit shell shocked, because it’s been a tough two weeks for bonds. Treasuries sold off aggressively, and Canadian bonds moved along for at least part of that ride. With that fortnight now behind us, and more generous yields now offered up, is there good value to be snapped up? Only a bit at the long end. Sure, US 10-year yields, having been as low as 1.6% only 2 months ago, now sit at over 2.3%. But let your screen chart a longer history and current yields don’t look rich at all. We were well above those levels back in 2013, when the Fed was years away from its first hike.