1.) China is selling US treasuries. 2.) The Federal Reserve is going to bail out PIIGS in Europe 3.) The Federal Reserve is REALLY monitizing money now and the bond market smells hyperinflation. 4.) Private debt needs to be paid back, so liquidate positions.
If you guessed the question "Why did US bonds sell off today", then you're a winner.
Now for the bonus round. Which clue(s) is(are) clueless and why?
Answer: Clues 2&3. Gold is also selling off today, so the higher yield means inflation association does not apply.
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