The 2-year sat at 4.19% for four straight sessions through a buyback shock and hawkish minutes. Then it printed 4.24% twice. Bitcoin took 80,000 and nobody looked at the boring number.

Two economic wars opened over one weekend, gold took a record, the long bond printed 2007, and the dollar index closed at 98.8 for the fourth session running. Something has stopped transmitting.

The 30-year moved 12 basis points in two days. The Dow lost 700 points. Bitcoin added 20%. The 2-year constant maturity printed 4.19% four sessions running and did not blink.

The Fed’s July minutes showed several officials wanting an immediate hike. Yields fell, the dollar hit a three-month low and bitcoin cleared 70,000 dollars. The Treasury had changed an operation size.

Korea’s benchmark shed 5.5% overnight and S&P futures moved a quarter of a point. The year’s most crowded trade is unwinding one time zone at a time, and America has decided that is somebody else’s problem.

The 30-year hit 5.31%, its highest since 2007, on the best news day the bulls have had in a fortnight. Good data no longer buys equities and bad data no longer buys bonds.