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Well Hello, Liz!
The mid-week selloff at the long-end of the US Treasury curve was exactly what Scott Bessent didn't
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As Flavor Flav once said “Can’t Truss it”
After the 20y auction vol, a friend and I were chatting that the Big Bill the gop is giving to our children may be the real “sell the news” type event. I went ahead and liquidated some uncomfortably large positions built up in the rally and will wait and see what Honk Kong and London bring. I sense I’m not alone switching to “preservation” mode and out of “chase the rally” mode. Let’s see if the vol sellers actually show up in the weeks ahead.
I’m calling it. Buffett retiring had to be an omen for US, and perhaps global, markets.
“30-year yields” and “falling knife” are words that should never be uttered in the same sentence together. Unlike the U.K., we cannot simply call for new elections in order to reverse course. About one-third of our bonds are held by foreign investors. How are higher rates supposed to lure foreign investment (among others) when we are slapping tariffs on all of our foreign trading partners? It literally makes my head hurt.
We’ve had the Trump Dump maybe, somehow we need a Dump Trump?