Will the hunt for yield soon be over?

We think that the hunt for yield will end soon, as the available return on US Treasuries rises in response to tighter Fed policy than investors are anticipating. This probably wouldn’t result in the prices of “risky” assets falling sharply, given the health of the US and global economy. But we suspect that the prices of many would drop at least a little, as their valuations have risen to pre-crisis levels.