Have we hit the point of maximum pain on bonds? ...Middle East

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Have we hit the point of maximum pain on bonds?
The US is selling 2-year yields this week and there are fears the Treasury could be paying 5%.Right now, the on-the-run 2s are trading at 4.96% and sales haven't exactly gone swimmingly lately, especially with the massive auction sizes. Here is how the chart looks on 2s:I want to highlight a couple things:Two-year yields are the most-liquid expression of where investors think rates will be over that timeframe. There's a slight term premium but you're basically weighing rolling bills over against locking in rates. When we were down at 4.2% the market was pricing in substantial rate cuts, not anymore.What happened last time 2s rose above 2%? It didn't take long for the Fed ans Treasury to both

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