Foreign central banks dumping U.S. treasuries

There is a lot of talk about whether the Federal Reserve should raise interest rates, but in fact, the market is hiking rates with or without central bank cooperation. Treasury yields have crept relentlessly higher over the last several months, signaling significant stress in the bond market. The 10-year Treasury yield was over 4.6 percent last Thursday morning (May 21), and the 30-year was north of 5 percent. Meanwhile, rates on the lower end of the curve are also spiking, with the 2-year Treasury note above 4 percent. Earlier in the week, bond yields hit multi-decade highs. At an auction...