>>16178680 (lb)
End of month idiocy. Lack of willing bidders self-evident. Treasuries sell off (Rates go up, because work like a seesaw) when collateral is dumped from unwind of 1: MoMo Trade, 2. FAAMNG Trade (15 yrs old), and the 30+ year old Carry Trade.
That's what's been going on since November, IMOO. Add that to the Fed removing $1.907 Trillion through ReverseRepo just today (largest ever), you have a whole lot of cash not available for trading at the Pro Level.
Melt downs sometimes can be healthy, and this one is very healthy indeed.