From the WSJ, the $11.9 trillion U.S. government-bond market showed no signs of respite today, sending the yield on the benchmark 10-year note to as high as 2.667%, the highest level since Aug. 1, 2011.

In early trade, the benchmark 10-year note fell 1 5/32 in price, yielding 2.663%. Bond prices move inversely to their yields.

Since May 1, the 10-year yield has soared from 1.61%, the low for the year.

Demand for safe assets has diminished as the outlook for the U.S. economy has brightened. That, in turn, has raised fears that the era of accomodative monetary policy by the Federal Reserve may soon come to an end, generating heavy selling of Treasury debt over the past few weeks.