> State of play: The market reaction was swift and clear. Traders cut back on their bets that a rate hike is on the way in September, now seeing it as a coin flip.

> Longer-term bond yields soared, with 30-year Treasuries reaching 5.21% on Thursday morning, the highest since 2007.

That doesn't make sense to me. Treasury yields are basically a projection of future interest rates. If Treasuries were sold off and their yields rose, that would mean the market actually expects interest rate hikes.