Treasurys remain strong, but a hint of building anxiety can be seen in the market for credit default swaps. The cost to insure against default of U.S. one-year sovereign debt has tripled since April. The CDS market is concerned about U.S. debt, yet the bond market sees no such risk. "There’s a clear market inefficiency at work here," Cullen Roche writes. "One of these markets is 100% wrong."