The bond market has the uneasy stillness of a forest where every stray spark has been stamped out for too long. Yields aren’t supposed to stay quiet forever; they breathe, flare, and reset. But when you keep suppressing every flicker of volatility, you don’t get calm—you get tinder piled high, waiting for the gust of wind that turns a spark into an inferno. That’s exactly the trap the Treasury is walking into. [...]