weekly observations (04.21.25): HIMCOs latest quarterly has arrived ... financial conditions tightening, #Got5s?

while WE slept: USTs cheaper / steeper (DJT Truth fear, JPOW, yer fired?); extend 10yy (long)tgt, move trailing stops (BNP)! "After the tantrum" (HSBC) and more ...

while WE slept: USTs mixed into ReSale TALES; Lets make a deal? "Finding the SLR Lining" -BMO; "Levels have held" -CitiFX

while WE slept: USTs in the red; demand for higher TP behind selloff, buyer 10s, front end weighed Waller's (dovish) comments; (IG)bid / ask spreads widening

while WE slept: USTs are firm; "The art of the repeal" (be / stay long belly) -BAML; 60/40 goin' nowhwere; 'big-a$$ box of bisquick'

weekly observations (04.14.25): "The bond market has entered the chat" (JPM)

while WE slept: USTs muted o/n in response to China response; CPI recaps and victory laps, a look at BONDS and a few (more) 'explanations' of the move

while WE slept: USTs weak, another 'Adult Swim'; happy "Day The Fed Nationalized The Bond Market" -A-versary ... fitting timing, given current day events ...

while WE slept: USTs marginally BID; hunt for liquidity continues, 2s10s profits BOOKED (BMO); FCI tighten = 20bps drag on yr ahead growth (DB); economic goalposts moved (lower, MS)

while WE slept: bond bid fades as equity futures bounce; ... this (note) is NOT 4D chess (but catchup); 'Adult Swim'

while WE slept … and NOW we know … #Tariffs lead to ... TO NO JUNE CUT (-MS) and more ...

while WE slept: USTs in 'holding pattern' o/n;

while WE slept: USTs bid ahead of Liberation Day; some 'eggs-celent news'; math, "Weaker Growth + Fed On Hold = Buy US Treasuries Outright"

while WE slept: USTs bull steepening on 'elevated' volumes; "Some Q2 risks to think about"

weekly observations (03.31.25): March Sadness, traded out bulls, buyers of 7s (adding to longs); 'discretionary' positions NEUTRAL and some more NFP precaps ...

while WE slept: USTs bull flattening; update from a 'traded out bull' (best in biz...); no price hikes for U ('47 TO autos); USTs lose hedge properties?

while WE slept: USTs cheapen, Gilt weakness, 7yr, 40bb IG issuance cited; 7yy 'dipORtunity'; a lowered but HIGHER 10yy f'cast

while WE slept: cheaper / steeper (commods); liquidity dryin' up'; S&P tgt comin' down

while WE slept: USTs cheaper (supply, IFO, data and Fedspeak ahead); "casual demand" reported'; 'breaks' to low; biggest dislocations (aka dipORtunities)

while WE slept: risk ON funded by USTs; happy Dot-Com-A-Versary; "I bought the top, again" -Sam Ro (& every. single. one. of. us...)

weekly observations (03.24.25): best in biz remains long BONDS, others love 5s one way or another ("Liberate Your Inner Bond Bull" -MS) and who's buyin' USTs (see DB); NCAAs expanding TO 4096 teams...

while WE slept: USTs firm (bunds, risk off); 10s TO 6% (thanks, Germany) -TRowe; "Analysis of the paralysis..." -DB; lower rate limits -ING

while WE slept: bonds are BID (on ~90% normal volumes); FOMC narratives being rewritten, stagflation or NOT, choose your own ending; Team Transitory BACK ...? rates downtrend resumes...

while WE slept: USTs rangebound on light (80%) volumes; #Got20s?; "Bull Crash" -BAML FMS (watch what they say and what they DO)...; 'Earl 10% bounce coming? stocks vs bonds, ration turnin...

while WE slept: "Treasuries are bull-flattening in sympathy to Bunds" on THIN VOLUMES; Bessent SAID; OECD lowers ... F2Q perks back up ...