OPEC selling Treasuries
My take: The money, money everywhere phenomenon I've described here before has been an important force holding long-term Treasury yields down. We're buying tons of goods and commodities supplied by overseas countries, including oil. The cash we're sending overseas for those purchases has been recycled back into our debt -- not just Treasuries, but mortgage bonds, "agency" bonds sold by Fannie Mae and Freddie Mac, corporate bonds, etc.
Now, oil prices are falling. That is helping reduce outflows of U.S. money to OPEC nations. So there is less money to be recycled back into our debt markets. Put another way, falling oil prices may actually help push UP bond yields -- an anomaly for sure, since conventional wisdom holds that declining oil prices are disinflationary, and therefore a positive for Treasuries.