PremiumThe AI Put Is Now The Treasury Market's Last Line Of Defense, BofA Warns
By now even the most committed members of the "yields don't matter" camp have noticed that something is breaking in the bond market. Last Tuesday's catastrophic 5Y auction priced at 5.033%, the first 5-handle since 2007, with the second-biggest tail on record and the lowest bid-to-cover since 2018, sending bonds to their worst day since Liberation Day.
