The fixed-income market has come under pressure after European investors began to unwind 10-year German bunds, which ended at a record low yield of 0.073% in April, and the selling pressure had spread to other corners of the fixed-income markets.

“It has been a particularly violent and vicious rout,” Christopher Sullivan, chief investment officer at the United Nations Federal Credit Union, said in the article. “It upended a lot of complacent investors who’d been lulled into following the crowd.”

Moreover, the Treasuries market is also facing supply pressure ahead as the Treasury is set to sell $24 billion in three-year notes late Tuesday, $24 billion in 10-year notes Wednesday and $16 billion in 30-year bonds Thursday.

iShares 20+ Year Treasury Bond ETF

For more information on the Treasuries market, visit our Treasury bonds category.

Max Chen contributed to this article.