0544 GMT - Whether the Federal Reserve raises interest rates or not, the 10-year Treasury yield is liable to test 5% again, ING rates strategists write in a note. It is up there mostly on account of higher real yields, in fact, they say. "There is not much the Fed can do about that, to the extent that it reflects productivity growth expectations (the good), wider issuance pressure (the bad), or the evolution of the Iran war's effect on oil prices (the ugly)," the strategists write.
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