Federal Reserve Chairman Jerome Powell showed on Wednesday that he isn’t worried over the recent increase in long-term bond yields, stating that they appear to reflect growing optimism over the economy’s prospects.“It seems that rates have responded to news over the vaccination and ultimately about growth“ Mr, Powell stated in a hearing before the Senate Banking Committee. “And that has been an orderly process.”The Yield on 10-year Treasury notes stood at 1.64% on Wednesday, up from 0.92% at the beginning of the year but down from a peak last week of 1.76%. Some economists and market participants have been concerned over the fact that a rapid or sustained rise in rates could weigh on the economy by making it more expensive for consumers and businesses to borrow. Mr. Powell and Treasury secretary Janet Yellen appeared before the panel for their second day of joint testimony to Congress over the government’s efforts to restore the economy to health in the midst of the Covid-19 pandemic.