From Pragmatic Capitalism:

– Goldman's Garzarelli says yields will rise as the U.S. economy picks up speed in the second half.
– Garzarelli expects Treasurys to post 5% losses in the second half.
– Garzarelli recommends short positions on five-year notes.

This week's heavy selloff in U.S. Treasurys has prompted Goldman Sachs, one of the biggest Treasury bond dealers, to declare that the months-long bull run is dead.

"We think the rally is over," Francesco Garzarelli, chief interest-rate strategist in London at Goldman Sachs Group, said in an e-mail interview with Dow Jones Newswires on Thursday. Goldman has long held the view that...

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