After yesterday's super-strong day in Treasuries, following Janet's jawboning into uber-dovish-land, it appears the world is in panic-selling mode and is dumping the long-bond by the most in 7 weeks.
30Y yields have spiked from 2.59% to 2.68% - one-week highs - as illiquidity rears its ugly head once again.
As the curve steepens dramatically....
2s30s biggest 2-day steepening since May 2015...
Given Yellen's green-light, we suspect much of this outsize move in the long-bond is due to rate-locks ahead of major issuance.
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