the yield on the 10 year note is rising even as the fed lowered interest rates. i think the fed went too far with 50 basis points. the dollar is getting crushed and inflation is going to be a very big issue.
Could be the equity euphoria over the rate cut has them dumping bonds to buy stocks.... nothing more significant.
I think it has more to do with Gold, USD and expiration. Didn't seem to be buying today. But this was a bloodbath today.