The titular question could be taken two ways. Is the selling pressure in bonds over? Is the "low rate environment" that's been in effect since mid-2011 over?  The answers, in order are "probably not" and "for now."

To be fair to the "low rate environment," that's arguably been over since 10yr yields broke above 2.5% in a serious and sustained way.  They've only done that one other time since moving below and that was the 6-7 months following the taper tantrum.

I've frequently suggested that mid-2012 was the truest confluence of low rate motivations and that mid-2016's drop in rates was more of a pain trade for everyone betting on higher rates (Brexit was the scapegoat).  If you look past the taper tantrum and the brexit rally, we've seen rates trend higher in a fairly linear way since mid-2012.  All that to say, it's actually been "over" since 2012 if we're looking for another run at all-time low rates in the short term.

As to whether or not the current selling spree is over, it would really help to know exactly why the selling spree exists in the first place.  Obviously, we can go back to early 2018 discussions and point out that we were talking about rates in the mid 3% range by the end of the year due to various headwinds that wouldn't soon be overcome.  We could also revisit my lamentations of the financial media hullabaloo surrounding the Springtime break above 3% 10yr yields (my point was that 10yr yields should obviously be higher than 3% based on an apples to apples comparison with 2013/14's run to 3.04%).

But any reliance on past analysis is a bit of a cop-out when it comes to answering the question "why now?  why this week?"  The past analysis helps us reconcile why rates should generally be as high as they are, but we really don't have anything concrete for why this week has seen so much of the selling.  If you missed it, I discussed all this in much more detail in today's Huddle.  It's worth 7 minutes of your time if you're trying to wrap your mind around the cause&effect behind recent volatility.