US 10-year Treasury yield hit 10-month high

• 10-year yield trades above 2.5 percent.
• Bill Gross declares bond bear market.

The yield on the benchmark US 10-year treasury note closed above 2.5 percent yesterday; its highest level since March.

DoubleLine Capital chief investment officer Jeffrey Gundlach reportedly said the markets had not priced in shrinking central bank balance sheets. He added that the yield could rise to 3.25 percent if it rises above the last year's high of 2.63 percent.

Meanwhile, Bill Gross (billionaire fund manager at Janus) tweeted - "Bond bear confirmed".