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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Senior Macro analyst Darius Dale. Click here to learn more.

"... One such incongruence that needs to work its way through markets is the relatively bearish position on both Treasuries (across the curve) and the U.S. Dollar Index in the futures and options markets.


Specifically, the +11.2k net long position on the latter represents a -1.7 z-score on a 1Y basis, while the -148.9k net short position in 2Y notes and -93.5k net short position in 10Y bonds represent z-scores of -1.4 and -1.6, respectively. How can investor consensus be that bearish on bonds amid a hawkish Fed, but not commensurately bullish on the dollar?"

CHART OF THE DAY: Investor Consensus = Bearish On Bonds & U.S. Dollar... WHY? - Chart of the Day 6 1