The collapse of the US Treasury market in the last two days has sent the entire curve (from 2Y to 30Y) higher in yield on the year....
The belly is underperforming with 5Y and 7Y worst (+20 and 21bps respectively) with 2Y 'best' - yield up 'only' 11bps in 2016...
And US bond markets are drastically underperforming the rest of the developed world...