There is no shortage of villains to blame for the sell-off in government bonds. The midweek catalyst that sent US Treasuries into a tailspin was the release of September flash PMI data for the US manufacturing and services sectors........

Government intervention in currency and government bond markets is nothing more than a band-aid. If the underlying structural issues are not addressed, the "feel good" of intervention will fade fast. This is exactly what we are seeing with the Yen and at the long end of the UST curve with yields.