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(Bloomberg) -- It’s the buzz word on Wall Street and in the hallways of the Federal Reserve and Treasury Department. It’s blamed for triggering bond selloffs, shifts in debt auctions and interest-rate policy. That few agree on what exactly it reflects, or how to measure it, seems to matter little — the term premium is a powerful new force in the market.Most Read from BloombergRockstar Plans to Announce Much Anticipated ‘Grand Theft Auto VI’US 30-Year Mortgage Rate Tumbles by Most in More Than a

That few agree on what exactly it reflects, or how to measure it, seems to matter little — the term premium is a powerful new force in the market.

Signs that ‘term premium’ is driving up Treasury yields stir worry and doubt

The market’s view has come into sharp focus in recent days amid a dramatic run-up in 10-year Treasury yields

The U.S. bond market is calling a moment: the age of low interest rates and inflation that began with the 2008 financial crisis has ended. The market's view has come into sharp focus in recent days amid a dramatic run-up in 10-year Treasury yields that hit 16-year highs. Behind that move is a bet that the disinflationary forces the Federal Reserve fought with its easy money policies in the aftermath of the financial crisis have abated, according to investors and a regularly updated New York Fed model based on yields.