Check Out How T-Bill Yields Have Exploded Higher Today

The U.S. Treasury bill market is back to pricing in heightened chances of an imminent default on short-term government obligations as negotiations in Washington, D.C. over ending the government shutdown and raising the debt ceiling break down.

"It's all fallen apart," said Democratic Senator Dianne Feinstein, causing gold to spike and stocks to head lower.

Yields on bills maturing between October 17 and November 14 - the most likely timeframe in which the Treasury would miss a coupon payment in the event that the debt ceiling is not raised - are rising today. Meanwhile, yields on T-bills maturing after those dates are headed lower.