One day does not a trend make but the action in the Treasury markets was not pretty today. Across the Curve has all of the details.

There has been no lack of commentary about the Treasuries ability to fund the massive commitments that the Congress and administration are making. As I’ve noted before, we’re in theory land. The economists’ models say A, B and C should happen but then again we know more than we would care to about models. Now the theory is going to be tested in the real world and the humans that inhabit that realm are notoriously aberrant.