Stock traders may be overplaying the recent rise in U.S. Treasury yields, according to Ali Miremadi, an investment director at the asset management firm GAM.

The 10-year Treasury note crossed the 1% yield threshold last week, sparking speculation that a long period of interest rate compression could be reversing. As of Monday morning, the 10-year yield sat at 1.11%.

The movement was driven by a confluence of factors, most notably the Democratic Party winning control of the U.S. Senate, which prompted expectations for heavier fiscal stimulus packages to shore up the economy.