US Treasury yields surge to 20-year high; bond market veteran turns bullish for the first time in six years.

After the U.S. Treasury benchmark yield surged to its highest level in 20 years, Wall Street veteran Jim Bianco, who has long tracked the markets, believes an attractive entry point has now emerged and has turned bullish on U.S. Treasuries for the first time in six years. Although the bond selloff may not be over yet, Bianco said that yields on most maturities of U.S. Treasuries have risen above 5%, making the risk-reward ratio of holding bonds increasingly attractive.