The 10-year Treasury yield (^TYX, ^TNX, ^FVX) is pushing back above 4.2% as investors digest what recent Federal Reserve commentary means for interest rates. Several Fed officials have been calling for more "gradual" and "modest" rate cuts ahead of their November policy meeting, which takes place from November 6 to 7.

"What I'm encouraged by somewhat here is that when I look beneath the surface and I look at what's called credit spreads, so are we seeing something systemic? We're seeing credit spreads near the lows," Truist Co-Chief Investment Officer & Chief Market Strategist Keith Lerner tells Madison Mills and Seana Smith.

"So that's telling me that this is the yields are moving higher because investors are feeling more comfortable with economic growth. And at the same time, that's paring back on how aggressive the Fed will be."

Lerner calls this an "excuse" for the market to trade in a "choppier fashion." Markets (^DJI, ^IXIC, ^GSPC) have been contending with pre-election volatility; Election day is now less than two weeks away.

"The first thing to be aware of is this is the strongest year for the S&P 500 in any election year, at least since the 1950s. What tends to happen, though, is you tend to have a little bit of a build up of anxiety as you get closer. I almost feel like people have, even though there's been a lot of rhetoric, I think some investors have most ignored some of this focus on things..."

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This post was written by Luke Carberry Mogan.