US 10-year yields are rising at a rapid pace. US 10-year yields have risen to 4.70% from 4.0% since early August. The moves have come despite stable market-measured inflation and Fed expectations. Aside from some moderate underlying strength, there haven't been any big economic surprises either. The scariest part about it is that there's no good explanation for why it's happening.Lately, there's been some hope that it was quarter-end or some kind of one-off puke but with two auctions missing this week (including today), it's increasingly clear that real-money demand just isn't there. There are scenarios where this blowout isn't...