Treasuries are getting crushed

On the 25th March I asked whether the bull market for treasuries was over, seems like it is:



So, my question is this. Are treasury yields rising because of:

* A reflation play i.e. inflation is coming?
* A recovery play i.e. we are seeing green shoots and that’s bearish for Treasuries?
* A Fed play i.e. Bernanke is not going to do any more quantitative easing, or at least not enough to stop rates from rising?
* A revulsion play i.e. too much debt is being issued?

Irrespective of why yields are rising, it’s not good for a potential recovery