Traders also sold Treasuries as stocks rose, dampening demand for fixed-income securities.

Traders said that hedge funds were selling intermediate Treasuries securities, particularly two- and five-year notes.

Securities dealers who had sold long-term Treasuries ahead of the uncertainty over those corporate sales bought them back.

Hedge funds, needing cash to cover redemptions, also sold Treasuries.

That forces traders to rebalance portfolios by selling Treasuries.

They sold Treasuries, and rates rose.

And underwriters of large corporate deals often sell Treasuries ahead of their sales as a hedge against rising rates.

As prices rose, many dealers and others who had sold Treasuries short earlier rushed to buy out of their positions, before their losses grew.

Should we be rallying stocks and selling Treasuries in that situation?

And highly leveraged speculators may have to sell Treasuries, putting more pressure on prices.