T. Rowe says there is good reason for the 10-year Treasury yield to rise to 6%.

David Clewell, co-portfolio manager of T. Rowe Price's Multi-Asset Global Income Strategy, said the 5% level on the 10-year U.S. Treasury yield has long been an important psychological threshold for investors. Once a key technical level like this is breached, systematic and quantitative trading positions could amplify the move and trigger further selling pressure. However, it is important to distinguish the speed and magnitude of recent moves from the underlying fundamentals. This selloff has been unusually violent, but the overall direction is consistent with our view that longer-dated yields may still rise further. Given the resilience of U.S. economic growth, there is a well-supported case for the 10-year Treasury yield rising toward 5.5% to 6%.