This would lead to higher yields, more volatility and higher term premia, especially on the long-end of the yield curve, which is 18  overbought over the last few years due to low-for-long interest rates (Figure 10). As a result, the themes of rebuilding term premia in long maturity rates and steepening yield curves are gaining ground. Figure 10.
Interest rates on, 2-year and 10-year sovereign bonds in the US, Germany, Italy, Spain, Japan, and the UK  US government bonds market Increasing term premia effectively means that there is room for a steeper yield curve for a given level of short rates.