If the recent increase in yields is sustained, Bloomberg estimates it's the equivalent of about 50 bps of Fed tightening.

After Jerome Powell told the House Financial Services Committee that the Fed might keep raising interest rates, the gap between yields on 2-year and 10-year Treasuries—which has inverted before each of the past five U.S. recessions—reached the largest inversion since March.

From Japanese pensions and life insurers to foreign governments and U.S. commercial banks, where once they were lining up to get their hands on U.S. government debt, most have now stepped away.

Expectations for euro volatility plummet after referendum.