Yields Cross The Rubicon

Last week, the U.S. bond market crossed the Rubicon with the 10-year yield breaching major resistance at,  let's call it, 3.12 percent, a high that hasn't been seen since July 2011, ironically the month named in honor of Julius Caesar.

July 2011 was also just before or in anticipation of "Operation Twist,"  the Fed's program to manipulate longer-term rates lower.

You know what we think about the Treasury market.