The Early Days of the Great Interest Spike Have Begun

The yield on the benchmark 10-year Treasury note rose today to 2.95 per cent, up from just over 2 per cent at the end of December.

The immediate cause was the Treasury announcing plans for a record debt sale in February and more frequent auctions in the months to come.

This won't end until rates are at double digit levels. The Fed response will be, of course, even more money printing.

And Obama/Geithner want China to "stop manipulating their currency" which will mean less buying of Treasury securities by China?