Via Global Macro Monitor blog,
The Fed tightens on Wednesday and bonds rally. What the hay?
GaveKal, Jeff Gundlach, and Jim Bianco nailed it in that every spec and their mother are/were short 10-year Treasuries.
Source: Quandl (see here for interactive chart)
But this is only a small part of the story: The global bond markets are broken.
There are no signals, there is no noise. Trying to infer any sense of economic or financial information from bond yields is