Are rising bond rates really so bad? Maybe not, say these experts.

For much of the past decade, the bond market's message was a worried one. The near-zero interest rates that prevailed in the years after the global financial crisis were widely seen as a sign of economic dysfunction, not stability. With growth tepid and demand for capital weak, central banks were forced to keep policy deeply accommodative just to keep economies moving.

A growing number of experts say rising bond yields should be viewed through a different lens. To them, higher rates are not a threat but a reflection of a healthier economy, one where businesses and households are confident enough to borrow, invest, and spend. In this framing, a bond selloff driven by robust growth is a feature of recovery rather than a bug.

What matters most for markets, therefore, is the reason behind the move. A slow, steady climb in yields alongside improving growth data is very different from a sharp spike driven by inflation fears or loss of confidence in fiscal management. Investors and policymakers will be watching not only the level of yields but the pace and reasoning behind them, since even good news can be disruptive when it arrives too quickly.