Investing.com - It isn't a pretty picture for the U.S. Treasury market.The dollar has been falling, making the purchase of U.S. debt less attractive to overseas buyers.The massive tax cut package has traders worried that inflation may finally flare, eating into fixed income investments.Government borrowing is set to balloon to fund widening budget deficits, which could create a supply glut.And the Federal Reserve is pulling back on its massive balance sheet, selling Treasuries and other debt.All of this has pushed the yield on the benchmark 10-year Treasury note to a near 4-year high.Many analysts say a move to 3% is a given.But when bond king Bill gross recently declared Treasuries in a bear market, his worst-case scenario didn't receive nearly as much attention. If the tax cut package manages to spur economic growth to 5% in 2018, the yield on the 10-year Treasury note could hit 3.5%
