Bond Basis Position To Be Larger Than 2018-2019: Goldman

Is the big bond short just the other side of a basis trade? Yes, probably. Or at least according to Goldman. It's the first session of a holiday-shortened week in the US, so I'll spare readers a deep-dive, but suffice to say what looks like a historic Treasury short among leveraged funds is probably a basis position following a year of cash-buying. "Households" (which many readers know is a Flow of Funds category in the Fed data that includes levered investors) were the largest buyer of Treas