The 10-year Treasury note yield shot up more than 10-basis points following the release of hotter-than-expected inflation data for January. The benchmark rate also hit its highest level in more than two months and was last at around 4.28%.

Going forward the next key level for the 10-year will be around 4.35% to 4.36%, according to Gregory Faranello of AmeriVet Securities.

“If we start breaking through that level, then I think it gets a little interesting,” the firm’s Head of U.S. Rates Strategy told CNBC. “You could get some fast money accounts that try and lean into it a little bit and test people.” Faranello also noted 4.35% was a “key level” before the 10-year broke out to its 2023 highs above 5%.

— Fred Imbert