Amid last Thursday’s cataclysmically illiquid flash-crash like collapse in Treasury yields, speculators in extreme net short positions reached for anything to hedge their positions. Most remarkably, call-buying (i.e. betting on / hedging lower yields) relative to put-buying exploded to a record skew. It would appear that the utter panic protection positioning is being unwound in the last few days and that has dragged yields considerably higher.