What happens when Fed pulls the plug

Commentary: Caught in a 'slow-motion landslide'

In an odd leap, long-term Treasury yields blew up, and Wednesday was the worst single day in nine months. The 10-year Treasury note stopped at 3.88 percent, a level touched for the fifth time since last June, but the violence of this move threatens upward breakout. Meanwhile, mortgages held fairly well, inside the 5.25 percent top that has held since August.

The peculiar part: Big sell-offs like this are driven by good economic news, but that’s not what we got. February sales of new and existing homes fell (new ones at the lowest pace since stats began in 1963, 303,000 annualized), and unsold inventory rose.