Following comments by Treasury Secretary Mnuch this morning that ultra-long bonds could "absolutely" make sense for America, the Treasury curve has jumped and steepened dramatically...
With 30Y yields back above the 3.00% Maginot Line.
Following the biggest short-squeeze in history... In fact the stunning swing in sentiment in the last 8 weeks (with almost $62 billion in 10Y Treasury shorts dumped) is shocking to see, smashing Speculative Positioning from its shortest ever to its longest in over 9 years...
It is perhaps not entirely surprising that sell-offs are a little more aggressive than normal.