The Trend May Bend, “But Will It Break”?

So far, this year has been all about testing the mettle of 2017's "consensus" trades (long USD and short USTs). (Chart: BofAML) Although the dollar and yields were already displaying a tendency to drift lower going into last week's Trump presser, the narrative took a big hit when the incoming President failed to outline any specific plans regarding fiscal stimulus initiatives. The blockbuster 10Y auction that went off shortly after Trump left the podium was indicative of how the market fe