Long-term Treasury bonds yielded 5.81% on Oct. 20, 1993, and they yielded 7.62% last Monday. That's as increase of 181 basis points in less than seven months, a big move for such a short time and a jump that has yet to be convincingly explained.

Early in February, the Federal Reserve raised short-term interest rates and bond prices plummeted. Last week, the Fed did into raise short-term interest rates and bond prices plummeted. First the Fed surprised the bond market, and then it disappointed the market. Either way, it helped push interest rates higher.

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