Something has broken tonight in the bond market. We are seeing a disorderly liquidation. If I had to GUESS, the basis trade is in full unwind. Since Friday's close to now ... the 30-year yield is up 56 bps, in three trading days. The last time this yield rose this much in 3 days (close to close) was January 7, 1982, when the yield was 14%. This kind of historic move is caused by a forced liquidation, not human managers make decisions about the outlook for rates at midnight ET.