Long-term Treasurys continue to sell off following the FOMC minutes. In a normal world, tighter (or at least less loose) central bank policy would be a buy signal for longer-dated debt. In this world, with the Fed being the marginal buyer at that end of the curve, its caution on additional purchases is, for now, a reason to sell. The 10-year +9 bps to 2.27%. TLT -1.6%.