U.S. Macro Note: Why Has the U.S. Bond Shock Not Arrived — Yet?
The feared U.S. Treasury auction blow-up has not happened, but recent auctions suggest a bond market that is becoming more selective, less forgiving, and more exposed to inflation, deficits, and geopolitical stress. The feared auction accident has not happened. The latest U.S. Treasury auctions have not produced the kind of outright funding shock some observers … Read more