The biggest story of the week in global markets has been the swift rise in U.S. Treasury yields as investors have unloaded their bond holdings.
Earlier this week, the market saw its highest daily trading volume ever, and yields hit their highest levels in over a year.
This morning, bonds are selling off again, and the yield on the 10-year Treasury bond has risen 6 basis points to 2.17%, pushing toward a new high.
The chart below shows price action in 10-year Treasury futures this morning. They really started selling off when the stock market opened at 9:30 AM ET, and continued to tumble after positive surprises from the Chicago PMI and University of Michigan consumer confidence releases at 9:45 and 9:55, respectively.
Now, they are trading down 0.4% on the day.
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