CNBC reports that Wells Fargo Securities’ Michael Schumacher predicts the current risk backdrop will re-energize yields in the coming weeks.

He lists the Fed’s high level of comfortableness surrounding rising inflation, the massive amount of fiscal and monetary stimulus in the pipeline and the economic data’s strength.

“It’s a recipe for yields to go up and perhaps pretty significantly,” the firm’s head of macro strategy told CNBC.

The 10-year yield is hovering around 1.50%, falling almost 5% over the past month. But it’s up 70% so far this year. Schumacher expects the 10-year yield to end the year between 2.10% and 2.40%.

“It sounds aggressive,” he said. “But when you think about the move that happened in February and March, it’s really not that extreme a move.”

Schumacher warns the opposite is true for inflation.

“We’ve got inflation rising pretty significantly for the next few months,” he added. “When you think back to a year ago, economies were in lockdown. Inflation actually came down quite a bit.”