0442 GMT - The 10-year U.S. Treasury yield is being pushed higher by a confluence of factors, according to Madison Investments' Mike Sanders. He lists stronger economic data, heightened Middle East tensions, discussion of a potential diesel export ban and a weak five-year Treasury auction as the drivers. "At this point, it's difficult to point to any single culprit for today's move," the head of fixed income says. The combination of fiscal, economic, geopolitical and supply-side inflation pressures converging has bond markets in less familiar territory, Sanders says. The recent rise in yields can no longer be attributed simply to concerns over the deficit, he adds.
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