Since the weekend agreement with China, we've turned bearish on Treasuries, as the recession risk has been downsized, and there's been a risk-on tone in the risk asset space. Also, we note that mutual funds had been setting short duration strategies over previous weeks, which had not shown up in prior yield movements. So an up-move in yields was overdue. The fiscal story is something that continues to hang over the market, and the tax cutting ambitions are, if followed through on, seen as a Treasury market negative. That's been an ongoing thing churning in the background. Not new. But absolutely lined up as a ... (full story)