NEW YORK (TheStreet) -- Stocks are taking a break and declining on Tuesday, albeit, slightly. According to TheStreet's Debra Borchardt, investors might be feeling slightly anxious over a possible tapering decision from the Federal Reserve this month.
While it may seem unlikely, the positive economic data isn't helping those who think the tapering may be on its way.
As a result, Treasury bonds have been in decline, and there have been some very notable sellers.
She pointed out that Citigroup (C) sold 10% of its Treasury holdings, which are now down to $82.6 billion.
The cut at Bank of America (BAC) was even more dramatic. Borchardt said the bank sold 88% of its Treasury bond positions, now down to a paltry $2.97 billion.
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It's the first time banks have been selling their Treasury positions in six years and now have the lowest ownership levels since the data began compiling in 1973.
Borchardt also said an analyst from J.P. Morgan (JPM) suggested the technical setup favors the bear side.
Furthermore, 10-year Treasury rates, currently near 2.75%, could push up to 3.15% depending on how the move plays out, she concluded.
-- Written by Bret Kenwell in Petoskey, Mich.