It's a rollercoaster in stocks today but there's been consistent selling bonds.
Dating back to 1970, this is the first year where stocks and bonds have both fallen 10% to start the year. That's a clear sign of deleveraging, which I believe is what's driving everything right now.
The first thing to watch will be for a close above 3%, or even a weekly close. The next will be watching the 2018 cycle high, which was 3.26%.
Of course, Wednesday's FOMC decision and communication afterwards will be a big part in what comes next.
