Let's not mince words -- Treasuries are getting massacred here. Long bonds are off just over a point now, while 10-year note yields are soaring by almost 10 basis points. In fact, we are threatening a MONTHLY downtrend in 10-year rates that goes all the way back to 1994. This is a potentially major event in the bond market that shouldn't be ignored.
UPDATE: Long bond futures are now down a point and a half. That's a 1.36% decline -- the sharpest drop I can find in any day for continuous long bond futures going back all the way to March 22, 2005. Yeah, I'd call it a massacre.