Treasuries Are Getting Whacked

U.S. Treasuries have been on a slow grind lower for most of the morning, but the selling has really started to accelerate on heavy volume in the last few minutes.

Right now, 10-year Treasury futrues are down 0.3%. The yield on the 10-year note is at 2.89%, 5 basis points higher from yesterday's close.

Republicans have just released their demands in the ongoing fight over raising the debt ceiling. House Majority Leader Eric Cantor says the House will consider the debt-limit bill next week, which will include a delay in funding Obamacare. Markets could be getting spooked over the resulting political tensions likely to arise in Washington, D.C.

The chart below shows the sharp downward move in Treasury futures.