The rise in short-term bond yields seemed to result from everybody getting in line and giving the FOMC its due respect (hey, they are going to raise the Funds rate… some day!). Here is the 3 mo. T Bill and the 1 year yield as of yesterday (weekly chart).

But the Utilities (which generally do well in a declining rate environment) were not buying it as they had started looking bullish. Of course, longer date Treasury yields were weak, so that must be the primary driver for da Utes. The bounce is being furthered today, although UTIL is getting up into resistance.

Just an interesting FYI chart. If you think the stock market is going to correct and short-term bonds are going to get bid, you might also at least be thinking about da Utes as a safer haven.