Commentary Fears over a technical default have sent Treasury yields higher this week as investors and money managers reduce uncertainty from their portfolios. While the United States has never defaulted on its debts and is unlikely to anytime soon, the recent decline in bond prices and rise in Treasury yields indicates the market believes it is possible. Due to fears of a technical default, those who hold Treasury bills are starting to raise cash by selling longer-term Treasury notes and bonds. This is similar to the March 2020 liquidity event when the shortage of Treasury bills led to a sell-off in the intermediate and long end of the curve. Today, the liquidity shortage is in cash as those with Treasury bills are nervous the U.S. Treasury will be unable to make its regularly scheduled coupon and redemption payments since Congress has been unable to pass a spending bill or raise …