Bear Flattener Still Pain Trade Amid Scorching US Data

This quick take won't win me any awards for riveting storytelling, but I'd be totally remiss not to flag the rather dramatic reaction in US rates to Thursday's macro data out of the world's largest economy. To be sure, a hawkish trade / rates selloff was intuitive. It was the scope of the move that raised eyebrows. The final estimate of Q1 GDP, backward-looking though it obviously is, was a bit of a shocker. If you missed the numbers, which included a big upside surprise on the personal consum