Confused Rhino

Anyone in need of respite from the roller coaster that is the US bond market was left nauseated Wednesday. At this point, the long-end of the Treasury curve is a confused rhino. And we're fresh out of etorphine darts. Open interest data for Tuesday suggested short covering and steepener unwinds, but by Wednesday afternoon, yields were cheaper by up to 13bps in a long-end-led selloff that also found 10-year yields up double-digits, sharply bear-steepening the 2s10s. It was déjà vu all over a