‘The world has changed’ as investors absorb highest Treasury yields in more than a dozen years

Overnight, it seems, the world suddenly looks like a different place as Treasury yields test their highest levels in more than a dozen years on Thursday. Treasury yields are the benchmark for borrowing costs across the U.S. economy and, as the result of the Federal Reserve’s higher-for-longer message on rates on Wednesday, investors and traders are coming to grips with the likelihood that the era of low rates is gone. Read: Fed skips rate hike for now, but doesn’t rule out another increase this yearThe impact of rising yields…