"If The Market Does Not Settle Down Soon, Pressure Will Mount On Powell To Intervene..."

Authored by Simon Black, Bloomberg macro strategist,

Macro funds in the aggregate have likely been caught on the wrong side of the fall in Treasuries. 

The sensitivity of their returns (based on Hedge Fund Research’s index) had been rising in recent weeks, as funds may well have reasoned that was the best way to position for a bad tariff outcome.