Bryn Mawr Trust’s Ernie Cecilia Featured on

Indeed, the phenomenon was on display in the wake of Wednesday’s Federal Reserve meeting. Treasury prices were routed, pushing yields 10_YEAR, -2.39% higher, as Fed Chairwoman Janet Yellen signaled rates might begin to rise a bit sooner than had been expected. At the same time, the S&P 500 SPX, -0.32% and the Dow Jones Industrial Average DJIA, -0.25% staged the biggest two-day rally in years, taking comfort in Yellen’s reassurance that a rate rise would be slow and gradual.

A scenario, however, in which stocks and bond yields rise together doesn’t represent such an unusual disconnect, said Ernie Cecilia, chief investment officer at Bryn Mawr Trust in Bryn Mawr, Penn., which has $7.6 billion in total assets.

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