Marc Lévesque: There are reports that China is unloading US Treasuries, which would partly explain the surge in bond yields over the past few days. Some would argue that the rise in yields reflects inflation expectations, but that doesn't work: breakevens have actually fallen over the past few days.

There are reports that China is unloading US Treasuries, which would partly explain the surge in bond yields over the past few days. Some would argue that the rise in yields reflects inflation expectations, but that doesn't work: breakevens have actually fallen over the past few days.