The surge higher in long-term government bond rates is part of a once-in-a-generation paradigm shift out of a decade of easy money, and investors should prepare for a sustained period of higher interest rates.

That’s the view of Jim McCormick, Citi’s chief macro strategist who says a resilient US economy, a ramp-up in the supply of government bonds and a retreat of traditional buyers of fixed income means long-term rates will remain elevated for years to come.