Treasury yields are surging. Here’s what history says might come next for the bond market.

• The yield on the 10-year Treasury is hovering close to 5%, the highest level in 16 years.  
• Strategists at Barclays this week said Fed policy isn’t even very tight and rates won’t fall soon. 
• Here’s what history says about the rise in US bond yields and where Treasurys may be headed next.  

Investors have been dumping US government bonds as the market adjusts to the outlook of interest rates being higher for longer. 

The Treasury sell-off that started in early October has ranked among the worst crashes in market history, and as recently as Friday the yield on the 10-year Treasury touched 5% for the first time since 2007.