Wall Street analysts made their year-end calls on where 10-year Treasury yields will end 2025 just weeks ago. Now, they are already increasing them only 15 days into 2025, the latest sign of a jittery bond market.

Stocks and bonds declined in response to much better-than-expected job growth. This week's CPI report could further pressure yields.

Bond yields are finally pulling back, and the stock market is rallying in relief. The Dow was up 713 points, or 1.7%, in Wednesday morning trading. The S&P 500 rose 1.7%. The Nasdaq Composite was up 2.

Rates are making investors nervous. Specifically, the 10-year Treasury yield. Climbing to 4.8% on Monday and a stone's throw from 5%, the 10-year Treasury yield is at a level that makes investors cautious.