Dealers cut back their fixed income inventories ever so slightly over the past month. They also increased their hedges, but again, slightly. They are still near historical record net long positions, and still carry historic levels of leverage.
With a bulge in Treasury supply on the way, is this where the bond market might trigger them throwing up their hands and saying WTF, despite the Fed?
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Also, I have republished Thursday’s Treasury market update due to a faulty posting with links to an earlier report. Those errors have have now been corrected. I apologize for the delay!
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