After six tries in as many months, the UST 2YR yield ripped through 0.75% resistance to 0.82%.
What does it mean?
Moreover, what did it mean when it ripped to this same level in October 2011 (see chart below), before crashing to 0.16%? Looked like a big asset allocation move to me.
German and Swiss 10s are at their 1-month highs as well.
We're keeping our exposure low heading into this very risky Fed event day. Reacting at extremes? It has not worked.
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