The speed by which long rates rose the past couple of weeks took many by surprise.  Intraday between June 26 and July 7, 10-year T-yields jumped from 2.12 percent to 2.4 percent. Over in Germany and Japan, they doubled – of course from much lower levels.  Between the periods, yields on German 10-year bunds went from 0.25 percent to 0.57 percent, and on 10-year JGBs from 0.05 percent to 0.10 percent on July 6. Rates supposedly reacted to hawkish central-bank commentary, which has some truth to it.  But they were also unwinding oversold technical conditions.  Plus, at least as regards...