Bond-market volatility is rising even as bitcoin and U.S. stocks remain calm. According to NS3.AI, some macro observers view the increase in Treasury volatility as an early sign of stress that often spreads to other markets with a lag.

Wealth manager Kurt S. Altrichter said the MOVE Index is making higher lows while the VIX is making lower highs. The MOVE Index measures expected swings in U.S. Treasury yields over the next month, but it does not indicate direction.