by Bob Rinear, The International Forecaster:

The bulk of this past week was truly boring. Yes we had stock market volatility and the almost “now-normal” gigantic swings, but overall there wasn’t a lot new.

But then Friday happened and things became very interesting very quickly. So, what was it?  All week the yield on the ten year had been flirting with 4%. It might do 4.1, then fade to 3.96, back to 4.00 etc. But Thursday night it really got moving again, and I think I saw 4.33 overnight. This is not supposed to be folks. Bonds are supposed to be stable. A place to park money and feel safe. Instead, the debt market has felt like it was on the verge of literally breaking.