Tail Risk And A Trip Back To The Shrinking Playground

And so it came to pass that everyone wasn't completely stupid to put "bond crash" at the top of their "biggest worries" list for 2018. And so it also came to pass that everyone wasn't completely stupid to cite "inflation moves significantly higher" as an "underappreciated tail risk" in the new year. Of course calling the Treasury selloff a "crash" is a bit hyperbolic and we're not the kind of people that would ever traffic in crazy ass, over-the-top, tremendous, bombast. "Believe me."