$26 Trillion Market At Crossroads With ‘Easy Money’ Made

The "easy money has already been made in bonds," one mainstream financial media headline published over the weekend declared. I don't necessarily disagree. The extreme selloff in US Treasurys that pushed yields to cycle highs in late October was indeed "easy" to fade. The move was plainly overdone. The about-face, while predictable, was quite dramatic. It'd hardly be surprising if the rally stalled. Indeed, it already has. The figure below, updated through January 19, is always worth highlight