Though the how, why, and when remain murky, bond traders expect currently inverted Treasury yield curves to soon normalize.

Quantitative tightening is "an underappreciated risk" that might keep bond yields higher for longer. Auctions of 10- and 30-year Treasuries were poorly received this month, and supply will keep increasing, thanks to the widening budget deficit.

Elevated rate fears drive continued bond-market selloff.

Yields on 10-year Treasuries could exceed 4% in order to win over investors.