The selloff in Treasury bonds can only be understood in the context of 60/40 stock/bond funds getting liquidated. A selldown in stocks necessitates a selldown in bonds. Which is another reason the Fed must backstop this market sooner than later. Here we see the TLT (20+ year) ETF. Note the pandemic on the left side. There was a brief crash in March 2020 at which point the Fed Japanified the bond market using QE. Very lucrative for those of us who bought the dip ahead of the printing press.