Treasurys are getting crushed

US Treasurys are under pressure on Wednesday as reports of an OPEC production cut has sparked a move into riskier assets. Selling has yields up as much as 7 basis points in the belly of the curve and approaching their cycle highs. Here's a look at the scoreboard as of 8:43 a.m. ET:

• 2-year +3.4 bps at 1.121%
• 3-year +4.7 bps at 1.387%
• 5-year +5.8 bps at 1.833%
• 7-year +6.8 bps at 2.171%
• 10-year +7.0 bps at 2.361%
• 30-year +6.3 bps at 3.009%

Up front, selling has the 2-year yield contending with its highest level since late 2008 as traders continue to price in the presumed upcoming Fed rate hike.

Meanwhile, weakness in the belly of the curve has the 5-year flirting with levels last seen in the middle of 2011.

At the long end, the 1o-year remains a handful of basis points below its November high. Wednesday's selling has the 30-year back above 3.00% and near levels last seen around the time of the Fed's last rate hike, which occured in December 2015.

Selling has had little impact on the yield curve with the 5-30-year spread holding near 117 bps.

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