This is nuts - when's the intervention?

Surging US Treasury yields (10-year near 5.14%) raise the odds of non-QE policy intervention that could scramble FX and rates trades.

• Bond meltdown accelerates: US 10-year yield spiked to ~5.14% and 2-year neared 5%, both post-GFC highs, after a 'failed' 5-year auction and hot flash PMIs (manufacturing 57 vs 53.7 expected; services 58.7 vs 55.8 expected).
• Intervention speculation rises: Host John J. Hardy says 'intervention risk is rationing higher by the hour' and guesses at forced pension-fund bond buying, bank leverage-ratio rule changes, or tax-status tweaks rather than outright QE.

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