Bond yields spiking everywhere, not just here. US leading the charge, but it's a coordinated global move higher. Treasury's yield curve control mechanism acting as a temporary brake.

This isn't some isolated American thing. When rates move this fast across developed markets simultaneously, it tells you something structural is shifting — inflation expectations, growth outlook, or both.

Circuit breakers buy time. They don't change the underlying pressure. If fundamentals keep pushing yields up, the dam eventually gives way.