Another day, another brutal sell-off with little by way of compelling justification. This one may actually be more simple than it seems at first glance. European bond markets have been closed since Thursday and have had some catch-up to do with US bond market weakness. This spilled over in the form of moderate US bond weakness overnight and domestic sellers are jumping on the bandwagon.
There's additional pressure from an uptick in higher profile corporate bond offerings as well not to mention the simple nature of the longer term trend.