Perhaps in a mini-tantrum reaction to Japan’s ‘taper’ overnight, which steepened the JGB curve notably…

US Treasury yields are breaking out higher today with 10Y Yields solidly above the 2.50% ‘Maginot Line’ for the first time since March 2017.

The 2s30s yield curve is spiking today – the most since the Nov 2016 election (+6bps to 91bps)

The long-end is leading the way higher in yields and steeper in the curve in 2018…

The selling pressure is notable, especially considering just how net short Treasuries everyone already is…