1120 GMT - The Federal Reserve's decision last week to raise rates by 25 basis points reinforces a reality bond investors have been confronting for much of 2026: rates have moved meaningfully higher, and the path lower remains uncertain, Federated Hermes's Karen Manna says in a note. Multiyear high U.S. Treasury yields are reflecting a combination of resilient economic growth, persistent inflation concerns, elevated fiscal deficits and a market that continues to reassess where "normal" interest rates should reside, the fixed income strategist says. "While rising yields have created short-term price pressure, we think they have also improved the long-term opportunity set for fixed income investors. This distinction is important," she says.