Key Market Takeaways From The ‘Supply Steepener’ Trade

The Nasdaq bore the brunt of Wednesday's Fitch-inspired selloff on Wall Street, and it's no secret why. The US downgrade conspired with Treasury's refunding announcement (which actually went over pretty well under the circumstances, if you ask me) and another scorching-hot ADP print to bear-steepen the US curve. Although 10-year yields were only a few basis points higher, the short-end actually rallied a little bit. "As a contributor to the bear-steepening price action, issuance was undoubtedl