‘Shocks’ And A ‘Critical’ Level

We all know the rapid rise in U.S. yields was the proximate cause for the selloff that, as some people seem to have understandably forgotten given the gravity of what happened on Monday, actually started last week, when equities finally had all they could take of the bond selloff and fell in sympathy. On Wednesday, the bond jitters were back after a lackluster 10Y auction came hot on the heels of a spending bill that looks like it will further increase the deficit and raise Treasury supply. So