As special purpose acquisition companies come under growing scrutiny, one basic calculation that was off the mark for some of them is calling into question all other projections: the interest income the companies said they expected to earn on their cash.

The U.S. economic reopening trade is back in full force, sending 10-year Treasury yields up to 1.77% for the first time since January 2020.

U.S. Treasury yields rose to the highest since February 2020 and are at risk of climbing further, as investors start to factor in the full economic impact of a stimulus plan totaling as much as $1.9 trillion.

The 10-year Treasury note’s almost three-week run above the once-elusive 1% yield is suddenly looking precarious.

Federal Reserve officials are beginning to split over when they may need to start pulling back on their massive monetary stimulus, drawing nervous glances from investors who remember how markets were roiled during the 2013 taper tantrum.

The hunt for new hedges is in full gear.

More managers are questioning whether the traditional asset mix can produce the same returns going forward.