After yesterday’s super-strong day in Treasuries, following Janet’s jawboning into uber-dovish-land, it appears the world is in panic-selling mode and is dumping the long-bond by the most in 7 weeks.

30Y yields have spiked from 2.59% to 2.68% – one-week highs – as illiquidity rears its ugly head once again.

As the curve steepens dramatically….

2s30s biggest 2-day steepening since May 2015…

Given Yellen’s green-light, we suspect much of this outsize move in the long-bond is due to rate-locks ahead of major issuance.





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