A Bit Of Chaos Never Hurt Anybody

A Bit Of Chaos Never Hurt Anybody

The post-Fed trade was somewhat chaotic, but one familiar theme was easy enough to discern: The long-end rallied and so did big-cap tech. Treasurys bull-flattened rather dramatically Thursday, with 30-year yields falling as much as 16bps at one juncture, catalyzing the largest two-day 5s30s flattener since the bond market fireworks that accompanied the initial pandemic panic ~15 months ago. Traders cited stop-outs in steepeners and carry trades. As Bloomberg's Edward Bolingbroke noted, the two
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