CNBC reports that JPMorgan Private Bank said that a recent spike in bond yields spooked global markets, but it may be a reflection of “growth optimism” as the global economy bounces back from the coronavirus pandemic.

“If you think about rising bond yield(s) or stronger growth, or even a little bit more inflation at this point in the cycle — these are healthy signs,” Julia Wang, executive director and global market strategist at the firm, told CNBC.

The rise in bond yields comes amid optimism over the global economy, and as coronavirus vaccination campaigns in major economies worldwide continue.

“I think that the global economy is going through this cyclical recovery phase and a rising bond yield (is) very much a reflection ... of this growth optimism,” Wang said.

Much of this optimism is expected to be “realized” in Asia this year, which is seeing a “really strong” growth impulse, the strategist said.