Two trends are accelerating in bonds at the moment and both indicate rising worries in broader markets.

Spanish yields are rising despite rumors of the ECB buying Spanish covered bonds.

Spain 10s

Spain 10s

Meanwhile, the long end of the Treasury curve is beginning to rally, push yields to session lows.

After the comments from Fisher and Rosengren it’s increasingly likely the Fed will finish the taper at the end of the month.

US 10s

US 10s