10y yield hit 4.5%, 30y touched 5% — classic bond dump → yield pump.
Rumor mill said China was rage-selling US bonds over tariffs, but turns out a major Japan bank got forced to nuke a fat bond stack today (also tariff-linked). Reminder: Japan banks are giga bond whales.
US traders stayed up late stress-watching yields, whispering 2008 and covid March 2020 vibes.