Poof, It’s Gone! Specs Cover Treasury Short, Now Most Long 10Y Since 2008

If ever there were a sign that the market is fading the reflation narrative or is otherwise concerned about the outlook, then surely this is it. Over the past several weeks, we've documented the furious short covering in 10Y Treasury futs. This has of course coincided with multiple land mines for the bearish rates thesis including, but by no means limited to, the dovish spin the Fed put on the March hike, rising geopolitical tensions, Trump's failure to "repeal and replace," gerrymandering on