Treasurys are getting slammed

Yields of US government debt are spiking after the European Central Bank said it would not extend its bond buying program earlier on Thursday.

As of 2:15 p.m., the 10 year US Treasury yield is up around 7.5 basis points to 1.615%. Remember, as yields increase this means prices are decreasing.

Additionally, the yield curve has steepened significantly over the past few days. The spread between the 2- and 10-year Treasurys is at a one-month high.

The move comes after European Central Bank head Mario Draghi said Thursday that the central bank has maintained its timetable for its bond purchasing initiative, also known as quantitative easing. Draghi said the ECB does not plan to extend its QE beyond the current end date of March 2017. Some analysts were expecting a possible extension of the program.

The ECB and other central bank bond buying programs have caused investors to move into US Treasurys because of interest rate differentials. Thursday's ECB decision may be causing some of this to unwind.