Bill Ackman no doubt cheered on the result of today's 30-year auction. He advertised a bond bearish bet last week and price action hasn't been great for him so far.
That might have changed with weak demand at a $23 billion sale of 30s at an auction today. It tailed by 1.4 bps and that has set off a fresh round of selling.
US 30s 10 mins
The price action has extended across the curve with yields up 6 bps starting with 5s.
It's also extended into USD/JPY, which is breaking out to a one-month high and within striking distance of the June high of 145.07.
USDJPY 10 mins
