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‘A Big, Huge, Alaskan Grizzly Bond Bear’ Finds A New Trade
Via Kevin Muir of “The Macro Tourist” fame
All credit for the first part of today’s post goes to LongConvexity, the mysterious Ari-Gold-type hedge fund manager, who reminded me of the enormous seasonal effect in the US 5/30 year treasury yield curve spread.
For the past eight years, the US yield curve has been flattening like a banshee, with the 5/30 spread declining from 300 basis points, all the way to the current 102 bps.
Having a look at that chart, it’s difficult to find a
