Long bonds today making a big move
I wouldn't credit the entire move today to stimulus talk because there was a lot of mechanical buying yesterday that kept yields low. Today that's being reversed and the strong risk-on tone is adding fuel to the fire.
Technically, even though long bonds have moved up 10 bps, we're still comfortably below 1.75%, which was the high in June and Nov.
Hold risk trades and dollar shorts until that breaks?
