Nomura’s McElligott: ‘Now Comes The Hard Part’

Nomura’s McElligott: ‘Now Comes The Hard Part’

10-year yields are now some 9bps off local highs hit last week amid the much ballyhooed bond rout that catalyzed the largest weekly outflow on record from TLT and precipitated a veritable cacophony of rotation "hot takes" from analysts, pundits and commentators of all stripes. If you ask Nomura's Charlie McElligott, the Treasury selloff "feels 'tactically tired'" following the position cleanse that saw "massive" duration selling from leveraged funds, and found CTAs settling in (if you will) to
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