But the Treasury's original announcement was not, in itself, enough to explain the speed of the movement in long-bond yields.

ECONOMIST: Bond bombshell

If you ask ten Wall Street pundits to explain the upward movement, you will most likely get nearly ten different answers.

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Such robust cynicism about Wall Street, along with his links to the current president, may explain why Mr Volcker is not a hero of the conservative movement, despite his anti-inflationary credentials.

ECONOMIST: The most influential central banker of the modern era