The bond market has been blowing up since the FOMC.
Most market watchers, me included, were expecting 200-day moving averages to cap the losses but that isn’t the case as they just gave out (right across the curve), sending the dollar broadly higher.
The Treasury Dept is selling 30-year bonds in a re-opening today and you have to believe the market will be a bit gun shy.
Yesterday, 10s sold at 2.076% and they’re now trading at 2.24%. If you bought on Monday, your entire expected return for this year has been wiped out.
