'This is beyond fundamentals right now': What the Street is saying about the global bond sell-off

U.S. Treasuries extended heavy losses on Wednesday in a sign investors are dumping even their safest assets as a global market rout unleashed by U.S. tariffs took another twist. Warning signals had been flashing for a few days as spreads between Treasury yields and swap rates in the interbank market collapsed under a weight of bond selling. Hedge funds were at the heart of it because their lenders could no longer stomach the 'basis trade' – large positions betting on small differences between cash Treasuries and futures prices as markets started to swing on tariff headlines. Here are some comments…