The forced sellers are investors in the $7 trillion mortgage-backed bond market

There comes a point in any big selloff in Treasury bonds when the move becomes so pronounced that it starts to feed on itself.

Increases in yields force a crucial group of investors to sell Treasuries, which in turn leads to further increases in yields.

Two months into this rout, that moment appears to have arrived,


https://www.bloomberg.com/news/articles/2021-02-25/convexity-hedging-haunts-markets-already-reeling-from-bond-rout




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