‘Structural Issues’

‘Structural Issues’

If you were a bond bear headed into the US election, things didn't go entirely according to plan. Whenever you endeavor to talk about positioning in rates, caution is warranted, as there's ample scope for misinterpretation and the drawing of spurious conclusions at virtually every turn. With that obligatory caveat, it's worth noting that TLT, BlackRock’s popular long bond ETF, suffered a $1.17 billion outflow last week, the largest since March's Treasury market meltdown and the second larges
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2 thoughts on “‘Structural Issues’

  1. I’m in that “disinflationary conviction” camp.

    Can’t wait to see the CPI print. With nominal rates raising, it’s putting pressure on real rates to the upside. Consensus for core YoY is like 1.7%. Both YoY and MoM come out on Thursday. A surprise to the upside (who knows) would be a relief for real rate pressure and a reprieve for the Fed for another month, barring an accident.

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