Route Error (409 ): { "error": { "message": "Invalid client. Please start over.", "type": "invalid_request_error", "param": null, "code": "invalid_state" } }

Volatility in bonds is no different from other assets, in that when it is historically low and persistently falling, this is not a sign of market resilience but one of fragility, with reversals likely to be violent and abrupt rather than incremental. The Treasury is trying to prevent a fire starting, but its actions increase the likelihood of a bigger conflagration ahead.