Clocked: Bonds continue to get dragged lower with the long bond leading as gold went flying and markets were generally spooked. The chatter over rate hikes out of the OMB on deficits forcing up rates helps weigh. Reuters reports [Peter Orszag] also cautioned that the current situation of low rates, despite the record deficit, was "a product of the extraordinary economic environment in which we currently find ourselves" that would likely not last as the economic recovery gathered steam. "It is at this point that we are likely to observe a rise in interest rates, an increase in borrowing from abroad, or some combination thereof due to the deficits," Orszag said.