Institution: The U.S. 10-year Treasury yield will rise to 8% in the coming years.

TS Lombard Managing Director of Global Macro and Strategy Steven Blitz said that given the massive supply of global government debt and the lack of political will to suppress inflation, the U.S. 10-year Treasury yield will rise to 8% in the coming years. Blitz wrote in a report that the current mix of monetary and fiscal policy will push inflation and yields higher with each economic cycle. He said this situation has occurred before, and it will not end unless there is the political willingness to decisively push inflation down, even at the cost of a short-term hit to economic activity; he also said such a shift in the U.S. may not occur until as late as 2029.