The bond market realized the Fed is going to raise rates this year. Most people already knew this, buy the front of the curve was mis-priced. The bond-substitute stocks led the selloff today. This means the utilities (-4.1%) and RIETs (-2.8%) are down. 10 year treasury yield up 14 bps. The selling spread into other sectors late in the day. Biotech (-1.4%) and semiconductors (-1.2%) helped in the last leg down in the last hour. Airlines (-1.1%) were down on oil's rally (+3.1%). Telecom did well on the Verizon asset sales news.