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The rally in Treasurys this year has been nothing short of epic. Wall Street missed this move. We didn’t.

“This is called a multi-standard deviation move [in bond yields],” says Hedgeye CEO Keith McCullough in the video below from a recent edition of The Macro Show. “The low end of the range on the 10-year Treasury yield went down from 2.01% to 1.81% in a day.”

What does this move in bond yields tell you? “The world doesn’t believe that the Fed is dovish enough,” McCullough says.

Watch the full clip above for more.

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McCullough: ‘The World Doesn't Believe The Fed Is Dovish Enough’ - the macro show