The Treasury rout continues, it likely needs a catalyst to end
"Best things in life are free" - rarely true, but your blog is an exception. As for capital markets, I see no alternative to Fed intervention and YCC.
Tactically best course of action is to stay in money markets and t-bills. Tough time to buy or sell but if rout emerges then maybe time to buy.
Florian, I recently discovered your Substack articles due to Kayfabe's recommendation. I went back through your posts since October of last year and have to say, you got nearly every call correct. Truly an amazing accomplishment in such a tough market. I find your combination of insight into human/market nature and market structure unique in the industry. Additionally, your attention to disciplined process and counterfactual thinking are at the highest level. I consider myself very fortunate to have discovered your Substack articles.
pretty tough steering these waters right now