As I anticipated within the past few days, treasuries have sold off significantly today, further signaling consolidation (or perhaps even reversal, at some point) in the treasury and bond markets. The TIC data released by the U.S. government this morning shows signs that foreign governments are beginning to curtail purchases of U.S. government debt. Coupled with CPI data that shows inflation picking up steam, this is likely to force interest rates higher, as less demand for the notes and greater concern for inflation, will ultimately drive prices down, and interest rates up.
Intra-Day Charts
Daily Chart
