A Bond Sell-Off?

Greg Ip watches the market:

Treasury bonds sold off sharply today, sending the 10-year yield up 20 basis points to 3.12%. This is mostly a continuation of the risk-on trade that’s been working for several weeks now as the economic data have turned positive. It’s nice that risk appetites are returning, but there’s a less comforting message as well: America should not take its rock bottom borrowing costs for granted. Perhaps, if this bond sell-off continues, it will do what half a dozen commissions couldn’t: create political momentum for fiscal reform to accompany stimulus.