The yield on 10-year Treasuries may hit 4 percent by the end of this year, according to GSFM’s Stephen Miller.

“We are going back to the world as we knew it before the crisis,” he told Bloomberg.

Bond investors are underestimating the pace of monetary policy tightening needed at a time of broad global economic growth and a return of developed economy inflation to levels that will be much closer to central bank targets, said Miller, who spent 14 years at BlackRock, where he headed its fixed-income team in Australia.

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