“Hope”: Health Bill Failure Isn’t Death Knell For Trump Trade, One Bank Says

We've said it before and we'll say it again: one-way bets and crowded trades are inherently susceptible to getting caught horribly offsides when sh*t goes wrong. And although specs have trimmed 10Y shorts over the last two weeks (they cut around $7.4m/DV01 in the week ended Tuesday, the second straight week of pared bearish bets), eurodollar shorts are still sitting at a record and as a percentage of open interest, the net spec short position in Treasury futs (TY eq.) is still a 3-sigma-is