Something odd happened today. Treasury 10- and 30-year TIPS fell to session lows after the Fed postponed Tuesday’s scheduled purchase operation targeting the 7.5- to 30-year sector until Wednesday.

“Due to technical difficulties, today’s Treasury outright purchase operation - scheduled for 10:10 AM in the TIPS 7.5 to 30 year sector for up to $1.075 billion - is being rescheduled,” Federal Reserve Bank of New York says.

“It is now scheduled to take place Wednesday, November 24, 2021 at 11:00 AM,” New York Fed says Tuesday on its website

TIPS prices fell quickly on the news...

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Sending real yields surging higher (as breakevens tumbled)...

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Which in turn is crushing many other assets...

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Interestingly, while Nasdaq is sliding, the Nasdaq-Small Caps pair has seen a notable regime-shift relative to real-yields...

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One wonders just what the 'technical difficulty' really is. Is it more likely a bond market liquidity issue?