Treasury yields' journey back to peaks last seen before the pandemic could get an added boost if the 10-year hits 1.43%, triggering so-called convexity hedging. Mortgage servicers then would need to sell twice as much duration to hedge positions than they'd have to buy if yields dropped to 0.93%, according to Morgan Stanley. That would translate into $4.7 billion in selling pressure on 10-year Treasury equivalents per basis point move if yields climb to the higher level.