Ugly price action in the global bond markets.  That was fast!

What the yield curve does signal, at least to us,  is that there is a massive global bond bubble and that central banks have lost control of their curves, which kind of scares the bejeesus out of us when we start to think about it. — GMM,  August 15th

For months, the world watched in stunned amazement as, alongside the relentless increase in global negative yielding debt which more than doubled in 2019 from $8 trillion to $17 trillion, the Austrian century bond due 2117 exploded higher and almost doubled in price from just above par to an all time high of 220 in late August.

What a different just a few weeks – and a smattering of good news – makes the euphoria is now officially over and as 10Y Treasury yields surge to 1.90% from a record low of 1.42% on September 3, now that downward momentum has been broken and CTAs are accelerating in the other direction, the Austrian century bond is doing what its Argentina peer did last month: it is tumbling, and as of the close of trading in Europe was down over 20%, officially entering a bear market.  — Zero Hedge