Here's The 'Pain Trade Into Year-End' - Nomura Unravels The Bond Bull/Bear Battle

US Treasuries continue to desperately search for the clearing-price, in what Nomura's Charlie McElligott calls "a battle" between the various (hawkish) long-term "structural forces" and a Fed that is desperate to throw in the towel and admit it's done.

The "structural forces" which are contributing to (or against) the "impulse build" in Treasury term-premium  include: