We're Keeping Our Exposure Low

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.

We're Keeping Our Exposure Low - z sod

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