Well, whatever’s left of that 10Y short is probably unwinding some more, because yields just hit their lowest level since before the Trump/Williams/Dudley combo reignited the reflation trade on Feb. 28…
“Treasury futures extended gains, led by the long end, causing aggressive flattening across the curve following a large block buy across bond futures,” Bloomberg reports.
For some reason (countless bad burns as a day trader, maybe?) I would not be surprised if rates spiked for some unforeseen reason just after all these shorts covered what was supposed to be a sure thing.