This is a sharp breakdown of how structural demand shifts are reshaping the long end. The dealer capacity angle is especially concerning. Feels like the market is running out of balance sheet just as issuance ramps. Definitely not something investors can keep dismissing as 'one bad auction' anymore.
This is a sharp breakdown of how structural demand shifts are reshaping the long end. The dealer capacity angle is especially concerning. Feels like the market is running out of balance sheet just as issuance ramps. Definitely not something investors can keep dismissing as 'one bad auction' anymore.
Keep up the good work! I'm rooting for you.
Thank you, Alan! I really appreciate it!