TNX 10 yr Treasury Yield cleared the 3% to close at 3.08% ..

..the yield of the 10yr 'risk free' :) rate had been banging up against the 3% level over the last few weeks but has now closed above.  The US already has the greatest debt in the history of the world in excess of $21 Trillion & if buyers are not found for the forecast issuance at this yield, at what rate might they be tempted to buy? 4% ? 5%? The Federal Reserve may wish to shrink its Balance Sheet however can it afford to finance Government deficits and the existing debt at higher rates.  It may blink at some point and return to monetisation of the debt (QE)....... let's keep watching.