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The selloff in the bond market is crashing the stock market's party. According to Nomura's Charlie McElligott, this could suggest that the unwinding of U.S.
"exceptionalism," which drove stocks, bonds and the dollar lower in tandem last month, might be making a comeback. Treasury yields climb as prices fall. After more than a decade of
central-bank-managed quantitative easing, foreign investors have become overexposed to U.S. debt, meaning the slow bleed in Treasurys could be poised to continue, McElligott said.
