Treasury yields go up a bit Treasuries exhibited some relatively sharp moves yesterday, with 10-year yields reaching 2.19 per cent this morning: In the bigger picture... maybe not quite a dramatic QExit-related panic: Deutsche Bank's Jim Reid says yesterday's 16 basis point rise to 2.17 per cent was the highest one-day rise in 19 months, and brought it to the highest level since April last year. He reckons the consumer confidence data was a key trigger: This brings the cumulative rise in yields to 50bp since the beginning of this month - spurring the return of "Great Rotation" talk. The majority of yesterdays move came after the release of the Conference Board's US consumer confidence data which printed at a post-GFC high of 76.2 (vs 71.2 expected). There were also reports of technical selling after stops were triggered around the 2.08% to 2.10% level. Yesterday's 2yr tnote auction didn't help either after it recorded its lowest bid-to-cover ratio (3.04x) since February 2011. Related links: The Fed can keep buying for a while, if it wants to - FT Alphaville