text:  The 10-year treasury is called a 10-year treasury for a reason. It has to give investors a return on their money that looks good both now and 10 years from now. It has to be competitive with the interest rates and inflation of the present and the future. So if the 10-year yield goes higher today, it means investors think the interest rates or inflation of tomorrow might be higher than expected. David Kelly is Chief Global Strategist at J.P. Morgan Asset Management.