Long-Term Treasury Yields Spike, 1- to 7-Year Yields Explode, Mortgage Rates Hit 7.12%, Bond Market Gets Spooked

It was a brutal four-day week in the bond market and mortgage market, with yields surging across the board to price in more rate hikes, more inflation — two nasty inflation prints this week, the PPI and the CPI — more supply of Treasury debt to pile on top of the $40 trillion, more fiscal deficits...