Bond Bonanza

I spent the better part of last month calling for a bond rally. Duration was a falling knife, but the long-end selloff felt overdone and although an obstinately hawkish Fed put a floor under short-end yields, policymakers' rhetoric was shifting in favor of skipping the final hike, setting up a rally at the first real sign of macro softness. Fast forward a handful of weeks and bonds are on track for a blockbuster month. I highlight this not to say "I told you so," but rather because the moves r

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