Is the currency movement of the past month a tell of 'who' is driving this selloff in longer duration bonds/notes? Think about it... USD was cheap, bonds were expensive. What better time to redeem your expensive long duration fixed income products back into dollars on the cheap. Does anyone else here think its China driving this bond/note selloff, in response to our protectionist agenda? Selling bonds and moving the $$ back to currency? If so, the next step is to dump the currency. I'm not buying the inflation argument, since inflation rates were actually higher 6 months ago when yields were closer to 4.5%.