Last week we noted that 30 day US Dollar LIBOR had stirred from its slumber. Yesterday Treasuries sold off hard. Why? Some point to a “failed” bond aution (not really), others to the passage of “Obamacare.” Traditional bond vigilantes may have sniffed inflation in the wind. Not sure it matters either way. Analysts I respect think Treasuries are in for a rough road. I maintain an allocation to them for now, because safe haven buying is likely to return to fashion, with the Eurozone in disarray and stocks looking rich here.