Benchmark Treasury yields have jumped to a new 7 years high of over 3.24% following today’s strong, if weather-affected jobs report, rising at a furious speed that has prompted the biggest two-day selloff in US stocks since May. Yet with concerns mounting that this selloff would be similar to the January rout, the key difference between the current move and the one from early in the year is only modestly increasing rates vol this time, suggesting investors perceive interest rates will soon stabilize at the new higher levels, especially since if yields rise too much there would be significant stabilizing foreign buying in the back end of the curve.

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