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Despite the stock market's gyrations last week, the 10-year Treasury yield spiked above the 1.6% level on Thursday.
The catalyst for the surge in yields was a horrific 7-year Treasury bond auction with a very weak bid-to-cover ratio of 2.04.
This essentially means the U.S. budget deficit is getting too big, the Fed needs more money for its quantitative easing and investors are scared to buy Treasury bonds as yields rise, since that means their price is falling.